Magnetic Resonance Imaging (MRI) is crucial for clinical diagnostics but is hindered by prolonged scan times. Current deep learning models enhance MRI reconstruction but are often memory-intensive and unsuitable for resource-limited systems. This paper introduces a lightweight MRI reconstruction model leveraging Kronecker-Parameterized Hypercomplex Neural Networks to achieve high performance with reduced parameters. By integrating Kronecker-based modules, including Kronecker MLP, Kronecker Window Attention, and Kronecker Convolution, the proposed model efficiently extracts spatial features while preserving representational power. We introduce Kronecker U-Net and Kronecker SwinMR, which maintain high reconstruction quality with approximately 50% fewer parameters compared to existing models. Experimental evaluation on the FastMRI dataset demonstrates competitive PSNR, SSIM, and LPIPS metrics, even at high acceleration factors (8 \(\times \) and 16 \(\times \) ), with no significant performance drop. Additionally, Kronecker variants exhibit superior generalization and reduced overfitting on limited datasets, facilitating efficient MRI reconstruction on hardware-constrained systems. This approach sets a new benchmark for parameter-efficient medical imaging models. Code is available at: https://github.com/Whethe/HyperKron-MRI-Recon .