A high counting rate signal processor for prompt gamma neutron activation analysis (PGNAA) using NaI(T1) detectors is described. The specific application is a very low rate, high energy gamma ray in the presence of a high rate at lower energies, producing pile-up at the energy of interest. Several methods for improving high counting rate performance such as shortening of the detector signal, base line inspection, pile-up rejection and filtering, have been investigated and implemented. The processor was experimentally evaluated at high counting rates. allows counting rates to 400,000 counts per second without significant distortion of the spectrum due to pile-up and with a minimum of resolution degradation. Through the use of an effective pulse width sensitive pile-up rejector, the already suppressed pile-up effect has been further reduced by a factor of three, while rejecting less than 10% of valid counts. High data throughput makes the processor applicable to online process control. Performance has been tested at total counting rates up to 400,000 counts per second, and results are presented.