The goals of fMRI acquisition include high spatial and temporal resolutions with a high signal to noise ratio (SNR). Oscillating Steady-State Imaging (OSSI) is a new fMRI acquisition method that provides large oscillating signals with the potential for high SNR, but does so at the expense of spatial and temporal resolutions. The unique oscillation pattern of OSSI images makes it well suited for high-dimensional modeling. We propose a patch-tensor low-rank model to exploit the local spatial-temporal low-rankness of OSSI images. We also develop a practical sparse sampling scheme with improved sampling incoherence for OSSI. With an alternating direction method of multipliers (ADMM) based algorithm, we improve OSSI spatial and temporal resolutions with a factor of 12 acquisition acceleration and 1.3 mm isotropic spatial resolution in prospectively undersampled experiments. The proposed model yields high temporal SNR with more activation than other low-rank methods. Compared to the standard grad- ient echo (GRE) imaging with the same spatial-temporal resolution, 3D OSSI tensor model reconstruction demonstrates 2 times higher temporal SNR with 2 times more functional activation.