Purpose: To develop the means to estimate cartilage histologic grades and proteoglycan content in ex vivo arthroscopy using near-infrared spectroscopy (NIRS). Methods: In this experimental study, arthroscopic NIR spectral measurements were performed on both knees of 9 human cadavers, followed by osteochondral block extraction and in vitro measurements: reacquisition of spectra and reference measurements (proteoglycan content, and three histologic scores). A hybrid model, combining principal component analysis and linear mixed-effects model (PCA-LME), was trained for each reference to investigate its relationship with in vitro NIR spectra. The performance of the PCA-LME model was validated with ex vivo spectra before and after the exclusion of outlying spectra. Model performance was evaluated based on Spearman rank correlation (ρ) and root-mean-square error (RMSE). Results: The PCA-LME models performed well (independent test: average ρ = 0.668, RMSE = 0.892, P < .001) in the prediction of the reference measurements based on in vitro data. The performance on ex vivo arthroscopic data was poorer but improved substantially after outlier exclusion (independent test: average ρ = 0.462 to 0.614, RMSE = 1.078 to 0.950, P = .019 to .008). Conclusions: NIRS is capable of nondestructive evaluation of cartilage integrity (i.e., histologic scores and proteoglycan content) under similar conditions as in clinical arthroscopy. Clinical Relevance: There are clear clinical benefits to the accurate assessment of cartilage lesions in arthroscopy. Visual grading is the current standard of care. However, optical techniques, such as NIRS, may provide a more objective assessment of cartilage damage.