Anchor Engraulis japonica was fermented with $10\%$ and $20\%$ salt at $10^{circ}C$ ($10\%$ 5A) and $20^{circ}C$ ($20\%$ SA), respectively, and the changes in lipid content, fatty acid composition and lipid oxidation was observed for 105 days. Peroxide value (POV) in $10\%$ SA reached to the maximum (46.4 meq/kg) on 30 days of fermentation, while in $20\%$ SA, it reached the maximum (54.7 meq/kg) on 45 days of fermentation, and then decreased in both samples during fermentation. Thiobarbituric acid values revealed a similar tendency with the change of POV during the fermentation. These results indicated that lipid of the anchovy was oxidized faster in lower salt than high salt in the early stage. Total lipid (TL) content during the fermentation for 105 days decreased approximately $16\%$ in $10\%$ SA and approximately $33\%$ in $20\%$ SA. Phospholipid (PL) content also decreased in both samples and the content of neutral lipid (NL) was unchanged in $10\%$ SA, while it decreased in the same amount as PL in $20\%$ SA. The prominent fatty acids in TL of the anchovy sample were 14 : 0, 16 : 0, 16 : In-7, 18 : in-9, 20 5n-3 and 22 : 6n-3. After fermentation for 105 days, approximately $87\%$ and $67\%$ of the prominent fatty acids remained in $10\%$ SA and $20\%$ SA, respectively, but the kind of the fatty acids was unchanged.