The advancement of the technology of magnetic tunnel junctions (MTJs) greatly hinges on the optimization of the magnetic materials, fabrication process, and annealing conditions which involve characterization of a large number of samples. As such, it is of paramount importance to have a rapid-turnaround characterization method since the characterization process can take even longer time than the fabrication. Conventionally, micropositioners and probe tips are manually operated to perform 4-point electrical measurement on each individual device which is a time-consuming, low-throughput process. A commercial automatic probe card analyzer can provide high turnaround; however, it is expensive and involves much cost and labor to install and maintain the equipment. In view of this, we have developed a novel low-cost, home-made, high-throughput probe card analyzer system for characterization of MTJs. It can perform fast 4-probe electrical measurements including current vs voltage, magnetoresistance, and bias dependence measurements with a high turnaround of about 500 devices per hour. The design and construction of the system is discussed in detail in this paper.