We have developed an algorithm called fast maximum likelihood reconstruction (FMLR) that performs spectral deconvolution of 1D-2D NMR spectra for the purpose of accurate signal quantification. FMLR constructs the simplest time-domain model (e.g., the model with the fewest number of signals and parameters) whose frequency spectrum matches the visible regions of the spectrum obtained from identical Fourier processing of the acquired data. We describe the application of FMLR to quantitative metabolomics and demonstrate the accuracy of the method by analysis of complex, synthetic mixtures of metabolites and liver extracts. The algorithm demonstrates greater accuracy (0.5-5.0% error) than peak height analysis and peak integral analysis with greatly reduced operator intervention. FMLR has been implemented in a Java-based framework that is available for download on multiple platforms and is interoperable with popular NMR display and processing software. Two-dimensional (1)H-(13)C spectra of mixtures can be acquired with acquisition times of 15 min and analyzed by FMLR in the range of 2-5 min per spectrum to identify and quantify constituents present at concentrations of 0.2 mM or greater.