The accuracy of the magnetic resonance (MR) image diagnosis depends on the quality of the image, which degrades mainly due to noise and artifacts. The noise is introduced because of erroneous imaging environment or distortion in the transmission system. Therefore, denoising methods play an important role in enhancing the image quality. However, a tradeoff between denoising and preserving the structural details is required. Most of the existing surveys are conducted on a specific MR image modality or on limited denoising schemes. In this context, a comprehensive review on different MR image denoising techniques is inevitable. This survey suggests a new direction in categorizing the MR image denoising techniques. The categorization of the different image models used in medical image processing serves as the basis of our classification. This study includes recent improvements on deep learning-based denoising methods alongwith important traditional MR image denoising methods. The major challenges and their scope of improvement are also discussed. Further, many more evaluation indices are considered for a fair comparison. An elaborate discussion on selecting appropriate method and evaluation metric as per the kind of data is presented. This study may encourage researchers for further work in this domain.