Extreme Learning Machine (ELM), a competitive machine learning technique for single-hidden-layer feedforward neural networks (SLFNNs), has proven to be efficient and effective algorithm for regression and classification problems. However, traditional ELM involves a large number of hidden nodes for complex real world regression and classification problems which increasing the computation burden. In this paper, a decomposition based fast ELM (DFELM) algorithm is proposed to effectively reduce the computational burden for large number of hidden nodes condition. Compared with ELM algorithm, DFELM algorithm has faster training time with a large number of hidden nodes maintaining the same accuracy performance. Experiment on three regression problems, six classification problems and a complex blast furnace modeling problem are carried out to verify the performance of DFELM algorithm. Moreover, the decomposition method can be extended to other modified ELM algorithms to further reduce the training time.