Abstract: A new multifrequency quasioptical electron paramagnetic resonance (EPR) spectrometer is described. The superheterodyne design with Schottky diode mixer/detectors enables fast detection with subnanosecond time resolution. Optical access makes it suitable for transient EPR (TR-EPR) at 120 and 240 GHz. These high frequencies allow for an accurate determination of small g-tensor anisotropies as are encountered in excited triplet states of organic molecules like porphyrins and fullerenes. The measured concentration sensitivity for continuous-wave (cw) EPR at 240 GHz and at room temperature without cavity is 1013 spins/cm3 (15 nM) for a 1 mT linewidth and a 1 Hz bandwidth. With a Fabry-Perot cavity and a sample volume of 30 nl, the sensitivity at 240 GHz corresponds to [approximate]3×109 spins for a 1 mT linewidth. The spectrometer's performance is illustrated with applications of transient EPR of excited triplet states of organic molecules, as well as cw EPR of nitroxide reference systems and a thin film of a colossal magnetoresistance material.