We describe a superconducting quantum interference device (SQUID)-based nuclear magnetic resonance (NMR) spectrometer operating at ultralow magnetic fields far below the Earth’s field. The spectrometer consists of a helium-cooled magnetic sensor system and two Helmholtz coils, one for pre-polarizing the sample by fields of up to 5 mT, and one for the detection in fields of the nanotesla and microtesla range. The spectrometer represents the current state of the art in ultralow-field NMR and enables the observation of phenomena that are difficult or impossible to achieve by a conventional NMR setting. In particular, one can obtain broad band spectra covering different nuclei, such as 1H and 31P, with a frequency resolution in the millihertz range, observe the variation of their heteronuclear coupling with the detection field strength, and investigate relaxation processes that reflect molecular dynamics in the millisecond range.