In 4D dynamic contrast-enhanced dedicated breast computed tomography (4D DCE-bCT), the functional properties of the breast will be characterized by monitoring the uptake and washout of iodine-based contrast agents over time. This information could be valuable in breast cancer treatment. However, prior to clinical implementation, it is crucial to validate the quantitative estimates of iodine concentrations at each time point during acquisition. To develop an in-line spectroscopy system capable of measuring iodine concentrations in a dynamic x-ray breast phantom in real-time. Potassium iodide served as the contrast agent. The system was set-up at both the entrance and exit of the phantom. It comprises a fiber-coupled green LED and collimator, which together ensure that a parallel beam passes through the sample holder. Transmitted light is captured by a collimator on the opposite side and directed through a fiber optic cable to a photodetector for intensity measurement. The relationship between 13 iodine concentrations (0-6mg I/mL) and light transmission was tested, and the system's repeatability and accuracy were determined. The system exhibited a strong correlation between iodine concentration and transmission values, achieving a root-mean-square error of 0.007. The repeated measurements had relative standard deviations of 0.04% and 0.1% for repeated water measurements at the phantom's entrance and exit, respectively. Furthermore, the accuracy measurements gave a mean error of fitting of 0.008(±0.07) mg I/mL. The in-line spectroscopy system can effectively monitor iodine concentrations in a dynamic breast phantom, providing a reliable method for quantitative validation of 4D DCE-bCT.