The purpose of this study was to quantitatively detect calcification in LRNC plaques using multi-component analysis with UTE imaging. A phantom experiment was performed using a four echo-UTE sequence. The phantom consists of six different concentrations of hydroxyapatite (as calcification) and mayonnaise (as a lipid). The bi-exponential analysis with UTE enabled a split into two components of short- and long T2*successfully. R2* derived from each dataset increased with increasing concentrations of hydroxyapatite. In conclusion, multi-component T2* analysis with UTE makes it possible to evaluate calcification in atherosclerotic plaques.