Changes in lipid components of Gul-bi, salted-dried yellow corvenia, during processing and storage were studied. Raw fishes contained $6.7\%$ total lipid (TL) which consisted of $83.3\%$ neutral lipid (NL), $6.5\%$ glycolipid (GL) and $10.2\%$ phospholipid (PL), and salted-dried sample at 30 days storage contained $11.1\%$ TL which consisted of $86.1\% NL, $7.1\%$ GL and $6.8\%$ PL. The NL was mainly consisted of trigly ceride (TG), free sterol (FS), free fatty acid (FFA), and the main lipids in PL were phosphatidyl choline (PC), phosphatidly ethanolamine (PE) and sphingomyelin (SPM). The contents of TG, PC, PE decreased, while that of FFA, SPM increased during processing and storage. Total fatty acid contents of raw fish, salted sample, salted-dried sample (product) and product at 30/days of storage were 847.9, 764.0, 633.5 and 588.mg/g-lipid, respectively, taking $C_{23:0}$ as the internal standard material. Most fatty acid con tents of TL revealed a tendency to decrease during processing and storage, highly unsaturated fatty acid such as $C_{22:6},\;C_{20:5}$, decreased largely. The major fatty acids in TL, NL, GL and PL were generally $C_{16:0},\;C_{16:1},\;C_{18:1},\;C_{20:5},\;C_{22:6}. Percentage of $C_{16:1},\;C_{18:1}$ in NL and GL and GL are higher than those in PL, while $C_{22:6},\;C_{20:5},\;C_{20:4}$. Peroxide value in salted-dried sample is 121.6 meq/kg and decreased rapidly with storage period, carbonyl value and brown pigment formation showed tendency of increase during processing and storage.