Several algorithms have been proposed for image reconstruction in MREIT. These algorithms reconstruct conductivity distribution either directly from magnetic flux density measurements or from reconstructed current density distribution. In this study, performance of all major algorithms are evaluated and compared on a common platform, in terms of their reconstruction error, reconstruction time, perceptual image quality, immunity against measurement noise, required electrode size. J-Substitution (JS) and Hybrid J-Substitution algorithms have the best reconstruction accuracy but they are among the slowest. Another current density based algorithm, Equipotential Projection (EPP) algorithm along with magnetic flux density based B(z) Sensitivity (BzS) algorithm has moderate reconstruction accuracy. BzS algorithm is the fastest.