Inherent Optical Properties (IOPs) of oceanic and coastal waters provide useful information for studying light availability in various ocean layers, primary productivity, particulate matter, and aquatic photochemistry. The total spectral absorption coefficient, a(λ) and spectral particulate absorption coefficient, ap(λ) are the IOPs that are some of the extensively measured IOPs with the existing absorption instruments. The total spectral absorption coefficient is often expressed as the sum of subcomponent IOPs, phytoplankton (aph(λ)), combined absorption due gelbstoff and detritus (adg(λ)) and the water itself. Similarly, ap can be subdivided into aph(λ) and ad(λ), the detrital absorption coefficients. The existing models partition these IOPs into subcomponent IOPs by assuming spectral shapes for subcomponent IOPs and are computationally intensive. Hence, in this study, we implemented Neural Networks to derive the subcomponent IOPs due to their lower computational time requirement and their capability to model complex relationships. We trained and validated four Neural Networks (NN) for retrieval of IOPs from a(λ) and ap(λ). NNs - I &II are used to retrieve aph and adg at 443 nm from a(λ). Similarly, NNs - III &IV are used to derive aph(443) and ad(443) from ap(λ). The four NNs are trained and tested using synthetic data created encompassing a wide range of optical properties observed in natural waters. For validation of the four NNs, the International Ocean Color Coordinating Group (IOCCG) simulated dataset, NASA bio-Optical Marine Algorithm Dataset (NOMAD) and global bio-optical insitu dataset (GBI) are used. The R2 values obtained for GBI in the retrieval of aph(443) and adg(443) using NNs - I &II are 0.95 and 0.97, respectively. Similarly, aph and ad retrieved using NN–III & IV resulted in R2 values of 0.94 and 0.94 for the NOMAD dataset. Upon comparing the performance NNs - I &II with Quasi-Analytical Algorithm (QAA) in retrieving IOPs using the IOCCG dataset, the NNs exhibited lower errors. We also developed a hybrid algorithm, QAANN, to demonstrate the capability of NNs - I &II for remote sensing applications. QAANN resulted in 11–43% lower mean absolute percentage error (MAPE) compared to QAA, Generalized Inherent Optical Property (GIOP) and Garver-Siegel-Maritorena (GSM) models for aph(443) retrieval using remote sensing reflectance from IOCCG simulated dataset. In the case of adg(443), QAANN resulted in 5–10% less MAPE compared to other models for the same dataset. These results suggest that the developed NNs can be applied to satellite remote sensing data to retrieve subcomponent IOPs with improved accuracy.