A computer-implemented method for concurrently estimating the amount of fat and iron in anatomical tissue from magnetic resonance (MR) signal data includes receiving a test signal representative of the anatomical tissue acquired using a MR pulse sequence type. A repository of reference signal data is generated. The repository comprises a plurality of reference signals derived by an MR signal simulation for a plurality of different transverse relaxation rates, a plurality of different fat fractions, and the MR pulse sequence type. A first reference signal is identified in the plurality of reference signals. The first reference signal provides a best match to the test signal based on one or more matching criteria. The repository is searched to determine a first transverse relaxation rate and a first fat fraction associated with the first reference signal. Then, the amount of fat and iron in the anatomical tissue is estimated based on the first transverse relaxation rate and the first fat fraction.
