This study compared myelin water fraction (MWF), intra/extracellular water geometric mean T2 (ieGMT2) and diffusion basis spectrum imaging (DBSI)-derived measures in multiple sclerosis (MS) lesions and normal appearing white matter. 14 MS subjects were scanned with 48-echo T2 relaxation and DBSI sequences. Significant correlations were found for MWF vs radial diffusivity, MWF vs fiber fraction, and ieGMT2 vs restricted fraction. Lesions showed changes consistent with decreased myelin and axons. Enhancing lesions also showed increased oedema. By quantitatively distinguishing and tracking inflammation, axon and myelin injury, DBSI and myelin water imaging can inform us of the pathological processes involved in MS.