The prompt gamma neutron activation analysis (PGNAA) technique is a real-time online method to analyze the composition of industrial materials. This paper presents a data acquisition system with a high count rate and real-time digital processing method for PGNAA. Limited by the decay time of the detector, the ORTEC multi-channel analyzer (MCA) can normally achieve an average count rate of 100 kcps. However, this system uses an electrical technique to increase the average count rate and reduce dead time, and guarantees good accuracy. Since the measuring time is usually limited to about 120 s, in order to accelerate the accumulation rate of spectrum and reduce the statistical error, the average count rate is expected to reach more than 500 kcps.