We report a method on quantitative and simultaneous noncontact in-vivo hydration and sebum measurements of the skin using an infrared optical spectroscopic set-up. The method utilizes differential detection with three wavelengths 1720, 1750, and 1770 nm, corresponding to the lipid vibrational bands that lay "in between" the prominent water absorption bands. We have used an emulsifier containing hydro- and lipophilic components to mix water and sebum in various volume fractions which was applied to the skin to mimic different oily-dry skin conditions. We also measured the skin sebum and hydration values on the forehead under natural conditions and its variations to external stimuli. Good agreement was found between our experimental results and reference values measured using conventional biophysical methods such as Corneometer and Sebumeter.