Low salt fermented products of anchovy, Engraulis japonica, caught in the coasts of East Sea of Korea, were prepared tentatively and also discussed the retarding effect of rancidity of the product by the addition of BHA or red pepper. Fresh anchovies were purchased from Kichang fish market. The raw samples were mixed with $8\%$ table salt, $0.5\%$ lactic acid, $6\%$ sorbitol, $4\%$ ethyl alcohol and $0.02\%$ BHA or $0.5\%$ red pepper and filled in the glass bottles and sealed with the cap. Conventional fermented product of anchovy as a control was prepared from fresh anchovy and $20\%$ salt only. After preparation, the products were fermented for 90 days at room temperature. Amino-nitrogen, TBA value, peroxide value and viable counts of bacteria of these products were determined and also evaluation of their qualify was compared with control product by sensory evaluation during fermentation. Amino-nitrogen contents of the low salt products reached a peak in 55 days of fermentation, and the volatile basic nitrogen contents ranged $100;mg\%$ even after 90 days of fermentation. Thiobarbituric acid value of the product with $0.02\%$ BHA showed a little increase up to 65 days of fermentation regardless of salt contents, while that of the control product increased sharply up to 65 days and then decreased gradually. BHA was effective on retarding rancidity of fermented products of anchovy and red pepper was also slightly effective. All the products showed the highest cell population in about 55 days of fermentation. Judging from the results of analysis and sensory evaluation, the low salt fermented product of anchovy could be prepared with $8\%$ salt, $0.5\%$ lactic acid, $6\%$ sorbitol, $4\%$ ethyl alcohol and $0.02\%$ BHA or $0.5\%$ red pepper to the fresh round anchovy.