Fetal and perinatal diagnostic imaging with MRI has evolved and expanded during recent times, allowing more widespread use and availability. Common indications are for neurodevelopmental conditions that are inconclusive with ultrasonography. The modality is pivotal in treatment planning for in utero interventions, such as repair of neural tube defects, and for particular obstetrical complications. The technique is also useful for identifying neurological sequelae from conditions like congenital heart defects and maternal viral infections. Many other applications are not indicated for routine use, particularly due to the high cost, but show much promise in research applications. Recently, complications associated with COVID-19 have been an area of interest, with prenatal MRI cohorts and case studies reporting obstetrical complications and neurodevelopmental effects. This review is aimed at highlighting common indications for the use of MRI in maternal-fetal medicine, including the MRI sequences and physics often implemented. Also, an in-depth analysis of the SARS-CoV-2 virus is discussed; in addition to pregnancy-related complications and the role of prenatal MRI in diagnosis and treatment.