Hyperspectral neutron computed tomography is a tomographic imaging technique in which thousands of wavelength-specific neutron radiographs are typically measured for each tomographic view. In conventional hyperspectral reconstruction, data from each neutron wavelength bin is reconstructed separately, which is extremely time-consuming. These reconstructions often suffer from poor quality due to low signal-to-noise ratio. Consequently, material decomposition based on these reconstructions tends to lead to both inaccurate estimates of the material spectra and inaccurate volumetric material separation. In this paper, we present two novel algorithms for processing hyperspectral neutron data: fast hyperspectral reconstruction and fast material decomposition. Both algorithms rely on a subspace decomposition procedure that transforms hyperspectral views into low-dimensional projection views within an intermediate subspace, where tomographic reconstruction is performed. The use of subspace decomposition dramatically reduces reconstruction time while reducing both noise and reconstruction artifacts. We apply our algorithms to both simulated and measured neutron data and demonstrate that they reduce computation and improve the quality of the results relative to conventional methods.