Phospholipid(PL), phosphatidylcholine(PC) and phosphatidylcholine free PL(PCF) were extracted from squid viscera and the antioxidant effects of each fraction on the oxidation of refined fish oil were evaluated. Polyunsaturated fatty acid contents were the highest in PC(46.7%) followed by PL(44.8%) and PCF(40.9%). The effects of each phospholipid fraction on stabilizing fish oil were compared by incubating at 40$^{circ}C$ for 10 days. At the initial period(2 days), changes in peroxide value did not show any significant difference ; however, as incubation time was extended, PC fraction showed the strongest antioxidant activity. PL and PCF added to fish oils also resulted in increased stability against oxidation. Antioxidative effect of PC at the 5% level was equivalent to 0.05% BHT, 1% catechin and 1% tocopherol.