This study was carried out to develop the powdered Katsuobushi (a kind of boiled, smoked, and dried fish product which is used for seasoning soup as it is.) using skipjack as a natural flavoring substance. The processing conditions of the powdered Katsuobushi and the changes of taste compounds during processing of the products were examined. In preparation of the powdered Katsuobushl, frozen skipjack was thawed, beheaded, gutted, filleted and then sliced to 1cm of thickness. The silted meats were boiled in skipjack extract for 20 minutes, and then it was smoked for, 3 times to $10~12\%$ moisture content at $80^{circ}C$ for 8 hours. The smoked - dried meats were followed to be 50 mesh of particle size. The effect of slicing and boiling in skipjack meat extract on enhancing flavor and on preventing lipid oxidation of product during processing were observed. The moisture content and crude lipid content of the powdered Katsuobushi was in the range of 11 to $12\%$ and 4.3 to $4.8\%$, respectively. The taste compounds of the product were nucleotides and their related compounds, 1135.8mg/100g ; free amino acid and related compounds, 2210.2mg/100g ; non-volatile organic acids, 1148.0mg/100g ; and total creatinine. 592.1mg/100g on dry basis, and small amount of betaine and TMAO. The major elements of mineral in the product were found to be K, Mg, Na, and Ca. The content of IMP was 542.0mg/100g, and major free amino acids were found to be histidine, anserine, taurine, carnosine and alanine of which occupied to $83.6\%$ of total free amino acids. In non -volatile organic acids, major ones were lactic acid, succinic acid, pyroglutamic acid and $alpha-ketoglutaric$ acid. From the results of the chemical experiments and sensory evaluation, we may conclude that the flavor of the product from present experiment is more desirable than that of conventional products although the processing time used were much shortened than that of conventional method, and it can be commercialized as a seasoning powder.