(IR) The inversion recovery pulse sequence produces signals, which represent the longitudinal magnetization existing after the application of a 180° radio frequency pulse that rotates the magnetization Mz into the negative plane. After an inversion time (TI - time between the starting 180° pulse and the following 90° pulse), a further 90° RF pulse tilts some or all of the z-magnetization into the xy-plane, where the signal is usually rephased with a 180° pulse as in the spin echo sequence. During the initial time period, various tissues relax with their intrinsic T1 relaxation time.
In the pulse sequence timing diagram, the basic inversion recovery sequence is illustrated. The 180° inversion pulse is attached prior to the 90° excitation pulse of a spin echo acquisition. See also the Pulse Sequence Timing Diagram. There you will find a description of the components.
The inversion recovery sequence has the advantage, that it can provide very strong contrast between tissues having different T1 relaxation times or to suppress tissues like fluid or fat. But the disadvantage is, that the additional inversion radio frequency RF pulse makes this sequence less time efficient than the other pulse sequences.

Contrast values:
PD weighted: TE: 10-20 ms, TR: 2000 ms, TI: 1800 ms
T1 weighted: TE: 10-20 ms, TR: 2000 ms, TI: 400-800 ms
T2 weighted: TE: 70 ms, TR: 2000 ms, TI: 400-800 ms

See also Inversion Recovery, Short T1 Inversion Recovery, Fluid Attenuation Inversion Recovery, and Acronyms for 'Inversion Recovery Sequence' from different manufacturers.

(TI) The time period between the 180° inversion pulse and the 90° excitation pulse in an inversion recovery pulse sequence. The inversion time controls the signal of different tissues and with the change of this parameter also fat and water suppression is attainable.

(Mz) The component of the net magnetization vector in the direction of the static magnetic field (z). After RF excitation, this vector returns to its equilibrium value at a rate characterized by the time constant T1.

Return of longitudinal magnetization to its equilibrium value after excitation;; requires exchange of energy between the nuclear spins and the lattice. See also T1 Time.

The T1 time constant, which determines the rate at which excited protons return to equilibrium within the lattice. The longitudinal relaxation time is a measure of the time taken for spinning protons to realign with the external magnetic field. The magnetization will grow after excitation from zero to a value of about 63% of its final value in a time of T1.

See also T1 Time.