An advanced independent component analysis algorithm (MILCA) is applied for simultaneous chemometric determination of fat- and water-soluble vitamins in complex mixtures. The analysis is based on the decomposition of spectra of multicomponent mixtures in the UV region. The key features of the proposed method are simplicity, accuracy, and reliability. Comparisons between the new algorithm and other established methods (MCR-ALS, SIMPLISMA, other ICA techniques) were made. Our results indicate that in most cases, MILCA is comparable or even outperforms other chemometrics methods taken for comparisons. The influence of different factors (abundance of components, noise, step of spectral scan, and scan speed) on decomposition performance has been investigated. The optimal conditions for spectroscopic registration have been identified. The proposed method was used for analysis of model mixtures and real objects (multivitamin drugs, food additives, and energy drinks). The resolved concentrations match well with the declared amounts and the results of reference methods.