Squid viscera oil was investigated by pretreatment method for enhancing the commercial value. Transeterification was performed to reduce rancidity of the oil, off-flavor was removed by using activated carbon adsorption. Analysis using ATD (Automatic Thermal Desorber) and GC/MG shows the efficacy of off-flavor removement. The rates of Transesterification employing inorganic catalyst and biocatalyst were tested, respectively. With stepwise addition of ethanol, the most efficiency of the reaction was achieved by inorganic catalyst. The efficiency of the reaction was estimated by acid value corresponding to rancidity of reaction product.