The aim of this research was to investigate the effect of herring roe phospholipids (PLs) on the oxidative stability of cod liver oil during storage. The effect of PLs on the oxidative stability of cod liver oil was assessed in terms of peroxide value, free fatty acids, secondary oxidation products and pyrrolisation. The results show that the PV was lower in cod liver oil containing PLs (P < 0.05) than in the control without PLs. Benzaldehyde, 2,5-dimethylpyrazine, 2-methyl-2-pentenal, 1-penten-3-ol and 3-methylbutanal were the main volatiles. In addition, significant pyrrolisation was observed after 28 days when PLs were added to cod liver oil. The results suggested that cod liver oil with dispersed PLs was oxidized during storage followed by non-enzymatic browning reactions. The findings indicated that the ratio between pyrroles formed and α-tocopherol may influence the formation of new peroxides and secondary oxidation products.