We investigated the use of multifrequency diffuse optical tomography (MF-DOT) data for the reconstruction of the optical parameters. The experiments were performed in a 63 mm diameter cylindrical phantom containing a 15 mm diameter cylindrical object. Modulation frequencies ranging from 110 MHz to 280 MHz were used in the phantom experiments changing the contrast in absorption of the object with respect to the phantom while keeping the scattering value the same. The diffusion equation was solved using the finite element method. The sensitivity information from each frequency was combined to form a single Jacobian. The inverse problem was solved iteratively by minimizing the difference between the measurements and forward problem using single and multiple modulation frequency data. A multiparameter Tikhonov scheme was used for regularization. The phantom results show that the peak absorption coefficient in a region of interest was obtained with an error less then 5% using two-frequency reconstruction for absorption contrast values up to 2.2 times higher than background and 10% for the absorption contrast values larger than 2.2. The use of two-frequency data is sufficient to improve the quantitative accuracy compared with the single frequency reconstruction with appropriate selection of these frequencies.