Exponential decays are fundamental to magnetic resonance imaging, yet adequately sampling and analyzing multiexponential decays is rarely attempted. The advantage of multiexponential analysis is the quantification of sub-voxel structure caused by water compartmentalization, with application as a non-invasive imaging biomarker for myelin. We have developed AnalyzeNNLS, software designed specifically for multiexponential decay image analysis that has a user-friendly graphical user interface and can analyze data from many MR manufacturers. AnalyzeNNLS is a simple, platform independent analysis tool that was created using the extensive mathematical and visualization libraries in Matlab, and released as open source code allowing scientists to evaluate, scrutinize, improve, and expand.