Ultra-low field magnetic resonance imaging (ULF MRI) is an effective imaging technique that applies the ultrasensitive detector of superconducting quantum interference device (SQUID) sensor to detect the MR signal at a microtesla field range. In this work, we designed and developed a SQUID-based ULF MRI system with a frequency-adjustable measurement field, the performance of which was characterized via water phantoms. In order to enhance the MR signals, a 500 mT Halbach magnet was used to prepolarize the magnetization of the sample prior to excitation. The signal-to-noise-ratio (SNR) of the spin-echo- (SE-) based pulse sequence can reach up to 70 in a single scan. The images were then reconstructed successfully by using the maximum likelihood expectation maximization (MLEM) algorithm based on the backprojection imaging method. It was demonstrated that an in-plane resolution of 1.8 × 1.8 mm2 can be achieved which indicated the feasibility of SQUID-based MRI at the ULF.