The low-rank plus sparse (L+S) decomposition model has enabled better reconstruction of dynamic magnetic resonance imaging (dMRI) with separation into background (L) and dynamic (S) component. However, use of low-rank prior alone may not fully explain the slow variations or smoothness of the background part at the local scale. In this paper, we propose a smoothness-regularized L+S (SR-L+S) model for dMRI reconstruction from highly undersampled k-t-space data. We exploit joint low-rank and smooth priors on the background component of dMRI to better capture both its global and local temporal correlated structures. Extending the L+S formulation, the low-rank property is encoded by the nuclear norm, while the smoothness by a general \ell_{p}-norm penalty on the local differences of the columns of L. The additional smoothness regularizer can promote piecewise local consistency between neighboring frames. By smoothing out the noise and dynamic activities, it allows accurate recovery of the background part, and subsequently more robust dMRI reconstruction. Extensive experiments on multi-coil cardiac and synthetic data shows that the SR-L+S model outp