Near-infrared spectroscopy has been used for measurement of changes in cerebral Hb concentrations in infants to study cerebral oxygenation and hemodynamics. In this study, measurements by time-resolved spectroscopy (TRS) were performed in 22 neonates to estimate the values of light absorption coefficient and reduced scattering coefficient (' s ), cerebral Hb oxygen saturation (ScO 2 ), cerebral blood volume (CBV), and differential pathlength factor (DPF), and the relationships between postconceptional age and ' s , ScO 2 , CBV, and DPF were investigated. A portable three-wavelength TRS system with a probe attached to the head of the neonate was used. The mean ' s values at 761, 795, and 835 nm in neonates were estimated to be (mean Ϯ SD) 6.46 Ϯ 1.21, 5.90 Ϯ 1.15 and 6.40 Ϯ 1.16/cm, respectively. There was a significant positive relationship between postconceptional age and ' s at those three wavelengths. The mean ScO 2 value was calculated to be 70.0 Ϯ 4.6%, and postconceptional age and ScO 2 showed a negative linear relationship. The mean value of CBV was 2.31 Ϯ 0.56 mL/100 g. There was a significant positive relationship between postconceptional age and CBV. During the perinatal period, the brain undergoes anatomic, functional, and metabolic changes. The anatomic changes include neuronal proliferation, migration, organization, and myelination, and the metabolic changes match the process of initial overproduction and subsequent elimination of excessive neurons, synapses, and dendritic spines known to occur in the developing brain. Noninvasive assessment of cerebral anatomic changes and of oxygen delivery and utilization is useful for evaluating the effectiveness of therapy and for preventing oxygen toxicity in seriously ill neonates.Near-infrared spectroscopy (NIRS) has been used in the clinical field with various measuring devices using several wavelengths. A method using continuous-wave NIRS has been developed and reported to be suitable for clinical use in infants (1-7). However, current commercially available NIRS systems can detect only changes in cerebral Hb. Because NIRS is based on the modified Beer-Lambert law, a change in hematocrit and blood volume as well as developmental and pathophysiologic changes in brain tissue affect the pathlength of near-infrared light. In a few recent studies, absolute values of cerebral Hb oxygen saturation (ScO 2 ) and cerebral blood volume (CBV) in infants were measured without inducing Hb concentration changes by using full-spectral near-infrared spectroscopy (8 -11) and spatially resolved spectroscopy (12). However, these