As the second part of the studies on the utilization of polyunsaturated lipids in sardine oil as nutritional or medical supplement, the conditions of lipid extration and concentration, refining, and storage stability of EPA-condensed sardine oil were investigated. In extraction of lipids, solvent ratios of chloroform-methanol mixture(2:1 v/v) affected the final content of unsaturated lipid in extracted oil and recovery. Stepwise solvent fractionation method at various low temperatures was effective to concentrate polyenoic acids like EPA and DHA when acetone or acetone-methanol mixture, added in the ratio of 1:5 (v/v) was applied step by step to different temperatures at 0 to $-35^{circ}C$. Addition of 1 to $5\%$ (v/v) of water to acetone was also benefit to raise EPA content but that resulted in reducing the yield of condensed oil from $65\%;to;28\%$. Concentration rate of polyenoic acids by solvent fractionation in lipid-actone solution (1:5, v/v) at 0 to $-30^{circ}C$ seemed limited to $5{sim}8\%$ in fatty acid composition depending on the initial content of those polyenoic acids in the sardine oil. During the extraction, concentration, and alkaline treatment, oxidation was rapidly induced but oxidation products could be thoroughly removed on the process of deceleration and peroxide elimination. To stabilize the reactive polyenoic acid condensed oil during the storage, stuffing nitrogen gas was essential to expel dissolved oxygen in oil or to seal the oil from open air, and the addition of antioxidative agents as BHA and tocopherols were greatly helpful to extend the storage life.