Methods and apparatus for video rate or near video rate quantitative imaging of tissue physiological and morphological properties from visible/NIR light spectral images obtain rapid multi-spectral reflectance images by illuminating with a series of spectra containing multiple narrow wavelength bands. An iterative light-transport based inversion algorithm may be applied for correcting the intensity of the spectral images from the geometry/coupling effect as well as from the scattering amplitude distortions. The method can produce video rate absorption as well as scattering spectral images that can be further analyzed very rapidly, using matrix-based rapid inversion algorithms to produce more detailed quantitative images containing information relevant to tissue physiology and morphology.