Solid dispersions are an interesting option to improve the solubility of Class II (high permeability, low water solubility) drugs of the Biopharmaceutical Classification System without the use of organic solvents. However, structural changes (polymorphism) may be present in both active pharmaceutical ingredients (API) and excipients, which require evaluation during pharmaceutical development. Thus, the aim of this work was to demonstrate the feasibility of using Raman and near-infrared (NIR) mapping associated with multivariate curve resolution–alternating least squares (MCR-ALS) and common components and specific weights analysis (CCSWA or ComDim) chemometric methods to assess the solid dispersions of atorvastatin calcium in Gelucire® 48/16 under controlled (3.0 ± 1.0°C, sealed flask) and accelerated (33.0 ± 1.0°C, 75% of relative humidity, open flask) aging conditions. MCR-ALS allowed the identification of the amorphous and crystalline fractions of the drug within the solid dispersion, which is not easily achieved by traditional techniques such as differential scanning calorimetry and X-ray diffraction, especially for semisolid formulations. ComDim results indicated that Raman seemed more sensitive to the presence of the API, whereas NIR was found to be more sensitive to alterations in the spectra of the excipient. The use of the ComDim method is not yet widespread in the pharmaceutical area; therefore, this paper shows its potential to support pharmaceutical development in preformulation stages for stability studies.