As one of the sensory factors for characterizing food quality, volatile compounds have been particularly contributed to sensory evaluation of fermented sea foods in Korea. But no chemical investigation of the volatile compounds of fermented anchovy as one of the most favored fermented sea food products has been reported. Accordinglry, for a series study of processing of low salt fermented sea foods, changes in volatile compounds and fatty acid composition of fermented anchovy with low salt contents ($4\%$ of salt contents) were experimented fermentation comparing with conventional fermented anchovy ($20\%$ of salt contents). Total lipid of raw anchovy was composed of $77.6\%$ of neutral lipid, $22.1\%$ of phospholipid and $0.3\%$ of glycolipid. And polyenoic acid was held $39.8\%$ of fatty acid composition of total lipid and the major fatty acids in those were $C_{22:6},;C_{20:5}$. During the fermentation of anchovy saturated fatty acid ($C_{16:0},;C_{18:0},;C_{l4:0}$) and monoenoic acid ($C_{16:1},;C_{18:1}$) increased while polyenoic acid ($C_{22:6},;C_{20:5}$) decreased greatly. Thirty-eight kinds of volatile component from the whole volatile compounds obtained from fermented anchovy after 90 days fermentation were identified, and composed of some alcohols (8 kinds), carbonyl compounds (9 kinds), hydrocarbons (8 kinds) and fatty acids (8 kinds). During fermentation 8 kinds of volatile acids, 5 kinds of amines, 9 kinds of carbonyl compounds were also detected. Those volatile acids such as acetic acid, isovaleric acid, propionic acid, n-butyric acid were the major portion of total volatile fatty acids of 60 days fermented anchovy prepared with low salt contents. On the other hand, carbonyl compounds such as ethanal, 3-methyl butanal, hexanal, 2-methyl propanal were the major ones, while TMA held the most part of volatile amines in fermented anchovy with low salt contents after 60 days. Conclusively, there was little difference in composition of volatile components, but merely a little difference in content of those between low salt fermented anchovy and conventional fermented ones.