A density matrix formalism is developed for anelastic (mechanical) relaxation in crystalline materials with point defects characterized by elastic dipoles. The time-dependent approach to equilibrium of the strain response under the action of a constant applied stress is deduced. The formalism parallels the one used in nuclear magnetic relaxation. The anelastic relaxation time is determined as a function of the parameters occurring in the defect hopping term in the Hamiltonian. This term is responsible for the dissipation of the anelastic ‘potential’ energy into the host lattice. In a lengthy concluding section, the following aspects are discussed point by point: the advantages of the formalism presented, its scope and special cases; the physical implications of the expression obtained for the relaxation time; the similarities and differences between magnetic relaxation and anelastic relaxation, etc.