To set up a new Elixir project, use the `mix new` command, which creates a new directory with a basic project structure. This includes essential files like `mix.exs` for dependencies and configuration.

Setting up a new Elixir project is a straightforward process thanks to the built-in mix tool, which provides project management capabilities. To create a new project, open your terminal and use the command mix new project_name, replacing project_name with your desired project name. This command generates a new directory with the specified name and initializes a basic project structure, including important files such as mix.exs, where you can manage dependencies and project configuration. The generated directory will also include a lib folder for your source code and a test folder for writing tests. After the initial setup, you can customize your mix.exs file by adding dependencies using the deps function. For example, you can include libraries like Ecto or Phoenix by specifying their versions. Once you've defined your dependencies, run mix deps.get to fetch them. Additionally, you can use mix compile to compile your project and mix test to run your tests. By following these steps, you can quickly establish a new Elixir project and start developing your application efficiently.