Changes in ATP and related compounds, TMAO, TMA, creatine and creatinine were analyzed to establish the processing conditions for rapid- and low salt-fermented liquefaction of anchovy(Engrulis japonica) extracts during fermentation. Experimental sample A: chopped whole anchovy, adding 20% water, heating at $50^{circ}C$ for 9 hrs and then adding 10% NaCl. Sample B: chopped whole anchovy, adding 20% water, heating at $50^{circ}C$ for 9 hrs and then adding 13% NaCl. Sample C: chopped whole anchovy adding 13% NaCl. Sample D: whole anchovy adding 17% NaCl. ATP, ADP, AMP and IMP were broken down during fermentation period, while inosine and hypoxanthine or hypoxanthine were detected in each fermented liquefaction of anchovy. However the amounts of them were varied from collection to collection according to the pretreatment methods. Possibly ATP and their related compounds will not make a great contribution to the umami taste in fermented liquefaction of anchovy. The contents of TMAO were decreased during fermentation period, ranging from 3 to 15 mg/100g in the fermented liquefaction of anchovy after 180 days. The TMA contents were increased slowly during fermentation period, ranging from 60 to 114 mg/100g in the 180 days specimens, however their contents were varied from sample to sample. The contents of creatine and creatinine were increased during early fermentation period, and then they were decreased in the last period. As for distribution of nitrogen in the anchovy extracts, the contribution of creatine and creatinine to the extractive nitrogen was occupying 6.8, 5.7, 4.6 and 5.7% in the experimental sample A, B, C and D, respectively. The contribution of ATP and related compounds to the extractive nitrogen was occupying 2.1, 2.4, 2.2 and 2.7% in the experimental sample A, B, C and D, respectively. The contribution of TMAO and TMA to the extractive nitrogen was very low as they are occupying $0.7{sim}1.2%$ in the four experimental samples.