Oscillating Steady-State Imaging (OSSI) is a recently developed fMRI acquisition method that can provide 2 to 3 times higher SNR than standard fMRI approaches. However, because the OSSI signal exhibits a nonlinear oscillation pattern, one must acquire and combine n c (e.g., 10) OSSI images to get an image that is free of oscillation for fMRI, and fully sampled acquisitions would compromise temporal resolution. To improve temporal resolution and accurately model the nonlinearity of OSSI signals, instead of using subspace models that are not well suited for the data, we build the MR physics for OSSI signal generation as a regularizer for the undersampled reconstruction. Our proposed physics-based manifold model turns the disadvantages of OSSI acquisition into advantages and enables joint reconstruction and quantification. OSSI manifold model (OSSIMM) outperforms subspace models and reconstructs high-resolution fMRI images with a factor of 12 acceleration and without spatial or temporal smoothing. Furthermore, OSSIMM can dynamically quantify important physics parameters, including R 2 ∗ maps, with a temporal resolution of 150 ms.