A new four-component nonlinear SchrÃ¶dinger equation is first proposed in this work and studied by Riemann-Hilbert approach. Firstly, we derive a Lax pair associated with a $5\times5$ matrix spectral problem for the four-component nonlinear SchrÃ¶dinger equation. Then based on the Lax pair, we analyze the spectral problem and the analytical properties of the Jost functions, from which the Riemann-Hilbert problem of the equation is successfully established. Moreover, we obtain the $N$-soliton solutions of the equation by solving the Riemann-Hilbert problem without reflection. Finally, we derive two special cases of the solutions to the equation for $N=1$ and $N=2$, and the local structure and dynamic behavior of the one-and two-soliton solutions are analyzed graphically.