Developing a realistic volume conductor head model is an important step towards a non-invasive investigation of neuro-electrical activity in the brain. For adults, different volume conductor head models have been designed and successfully used for electroencephalography (EEG) source analysis. However, creating appropriate neonatal volume conductor head model for EEG source analysis is a challenging task mainly due to insufficient knowledge of head tissue conductivities and complex anatomy of the developing newborn brain. In this work, we present a pipeline for modeling a realistic volume conductor model of the neonatal head, where we address the modeling challenges and propose our solutions. We also discuss the use of our realistic volume conductor head model for neonatal EEG source analysis.