Compressed sensing (CS) based methods make it possible to reconstruct magnetic resonance (MR) images from undersampled measurements, which is known as CS‐MRI. The reference‐driven CS‐MRI reconstruction schemes can further decrease the sampling ratio by exploiting the sparsity of the difference image between the target and the reference MR images in pixel domain. Unfortunately existing methods do not work well given that contrast changes are incorrectly estimated or motion compensation is inaccurate. In this paper, we propose to reconstruct MR images by utilizing the sparsity of the difference image between the target and the motion‐compensated reference images in wavelet transform and gradient domains. The idea is attractive because it requires neither the estimation of the contrast changes nor multiple times motion compensations. In addition, we apply total generalized variation (TGV) regularization to eliminate the staircasing artifacts caused by conventional total variation (TV). Fast composite splitting algorithm (FCSA) is used to solve the proposed reconstruction problem in order to improve computational efficiency. Experimental results demonstrate that the proposed method can not only reduce the computational cost but also decrease sampling ratio or improve the reconstruction quality alternatively.