An energy discrimination radiography system includes at least one radiation source configured to alternately irradiate a component with radiation characterized by at least two energy spectra, where the component has a number of constituents. At least one radiation detector is configured to receive radiation passing through the component and a computer is operationally coupled to the detector. The computer is configured to receive data corresponding to each of the energy spectra for a scan of the component, process the data to generate a multi-energy data set, and decompose the multi-energy data set to generate material characterization images in substantially real time. A method for inspecting the component includes irradiating the component, receiving a data stream of energy discriminated data, processing the energy discriminated data, to generate a multi-energy data set, and decomposing the multi-energy data set, to generate material characterization images in substantially real time.