Characterizing the time over which quantum coherence survives is critical for any implementation of quantum bits, memories, and sensors. The usual method for determining a quantum system’s decoherence rate involves a suite of experiments probing the entire expected range of this parameter, and extracting the resulting estimation in postprocessing. Here we present an adaptive multiparameter Bayesian approach, based on a simple analytical update rule, to estimate the key decoherence timescales (𝑇1, 𝑇∗2, and 𝑇2) and the corresponding decay exponent of a quantum system in real time, using information gained in preceding experiments. This approach reduces the time required to reach a given uncertainty by a factor up to an order of magnitude, depending on the specific experiment, compared to the standard protocol of curve fitting. A further speedup of a factor approximately 2 can be realized by performing our optimization with respect to sensitivity as opposed to variance.