Changes of nucleotides and their related compounds in raw, cooked and frozen fish muscle were studied with HPLC. Red sea bream(cultured and wild) and flounder(cultured, cultured with Obosan(equation omitted) and wild) were used for this study. In nucleotides, contents of ATP was similar to that of IMP and some of H$ imes$R(inosine) and H$ imes$(hypoxanthine) were existed in fresh muscle. ATP was decomposed rapidly and contents of IMP became different between cultured and wild fish after 6 hours. The content of IMP was lower in the cultured red sea bream(3.39$mu$ mole/g) and flounder(3.17$mu$ mole/g) than in the wi1d red sea bream(7.31$mu$ mole/g) and flounder(5.03$mu$ mole/g). But, the flounder cultured with Obosan contained the largest amounts of IMP After 24 hours, K values of cultured fish muscle(27.7%, 28.2%) were higher than that of wild ones(22.8%, 24.3%). The K value of cultured flounder fed with 0.3% Obosan(equation omitted)(25.7%) was between cultured and wild flounder. IMP was the one which existed the most in cooked and frozen muscle. Amounts of H$ imes$R and H$ imes$ were more in cooked and frozen muscle. than in raw muscle. From these results, we could suggest that the wild one was more palatable and fresher than the cultured one and the palatability of cultured one seemed to be improved depanding on the feed.