Diffusion models can effectively generate high-quality images. However, as they scale, rising memory demands and higher latency pose substantial deployment challenges. In this work, we aim to accelerate diffusion models by quantizing their weights and activations to 4 bits. At such an aggressive level, both weights and activations are highly sensitive, where existing post-training quantization methods like smoothing become insufficient. To overcome this limitation, we propose SVDQuant, a new 4-bit quantization paradigm. Different from smoothing, which redistributes outliers between weights and activations, our approach absorbs these outliers using a low-rank branch. We first consolidate the outliers by shifting them from activations to weights. Then, we use a high-precision, low-rank branch to take in the weight outliers with Singular Value Decomposition (SVD), while a low-bit quantized branch handles the residuals. This process eases the quantization on both sides. However, naively running the low-rank branch independently incurs significant overhead due to extra data movement of activations, negating the quantization speedup. To address this, we co-design an inference engine Nunchaku that fuses the kernels of the low-rank branch into those of the low-bit branch to cut off redundant memory access. It can also seamlessly support off-the-shelf low-rank adapters (LoRAs) without re-quantization. Extensive experiments on SDXL, PixArt-$Σ$, and FLUX.1 validate the effectiveness of SVDQuant in preserving image quality. We reduce the memory usage for the 12B FLUX.1 models by 3.5$\times$, achieving 3.0$\times$ speedup over the 4-bit weight-only quantization (W4A16) baseline on the 16GB laptop 4090 GPU with INT4 precision. On the latest RTX 5090 desktop with Blackwell architecture, we achieve a 3.1$\times$ speedup compared to the W4A16 model using NVFP4 precision.