Purpose To introduce a dual-domain reconstruction network with V-Net and K-Net for accurate MR image reconstruction from undersampled k-space data. Methods Most state-of-the-art reconstruction methods apply U-Net or cascaded U-Nets in the image domain and/or k-space domain. Nevertheless, these methods have the following problems: (1) directly applying U-Net in the k-space domain is not optimal for extracting features; (2) classical image-domain-oriented U-Net is heavyweighted and hence inefficient when cascaded many times to yield good reconstruction accuracy; (3) classical image-domain-oriented U-Net does not make full use of information of the encoder network for extracting features in the decoder network; and (4) existing methods are ineffective in simultaneously extracting and fusing features in the image domain and its dual k-space domain. To tackle these problems, we present 3 different methods: (1) V-Net, an image-domain encoder-decoder subnetwork that is more lightweight for cascading and effective in fully utilizing features in the encoder for decoding; (2) K-Net, a k-space domain subnetwork that is more suitable for extracting hierarchical features in the k-space domain, and (3) KV-Net, a dual-domain reconstruction network in which V-Nets and K-Nets are effectively combined and cascaded. Results Extensive experimental results on the fastMRI dataset demonstrate that the proposed KV-Net can reconstruct high-quality images and outperform state-of-the-art approaches with fewer parameters. Conclusions To reconstruct images effectively and efficiently from incomplete k-space data, we have presented a dual-domain KV-Net to combine K-Nets and V-Nets. The KV-Net achieves better results with 9% and 5% parameters than comparable methods (XPD-Net and i-RIM).