The use of multispectral images has great potential to assess seed quality and represents a significant technological advance in the search for fast and non-destructive analysis techniques. However, the devices currently available are expensive. Thus, this study aimed to propose a low-cost method for acquisition and processing of multispectral images of soybean seeds and to evaluate their potential for rapid determination of seed physiological potential. The study was conducted in three steps: implementation of the multispectral image acquisition system, development of an algorithm for automatic image processing, and evaluation of the relationship between the data obtained through image analysis and the results of standard tests used to evaluate seed physiological potential. A total of 43 variables were assessed, eight related to seed physiological potential (germination and vigor) and 35 obtained from the analysis of the multispectral images. Of the variables obtained from multispectral images, 21 were related to pixel values in the images in the different bands evaluated (green, red, and infrared) and 14 associated with seed morphometric characteristics. The proposed system is efficient in obtaining multispectral images and the algorithm developed was efficient to extract morphometric characteristics and pixel information from the images. The parameters obtained from the NIR spectrum region showed a good relationship with the physiological potential of soybean seeds.