Changes in lipids of sardine (Sardinella gibbosa) muscle during 15 days of iced storage were investigated. Lipid deterioration, lipolysis and lipid oxidation, occurred throughout the storage. The progressive peroxide formation was monitored by the increase in the absorbance band at 3600–3200 cm−1 in Fourier transform infrared (FTIR) spectra and increased peroxide values were observed in sardine muscle up to 6 days of iced storage, followed by a continuous decrease from then for 9 days (P 0.05). Marked decreases in unsaturated fatty acids, especially eicosapentaenoic acid (EPA; C20:5(n − 3)) and docosahexaenoic acid (DHA; C22:6(n − 3)) were observed as the storage time increased. Those changes indicated that lipid oxidation occurred in sardine muscle. A gradual increase in free fatty acid formation, with decreases in triglyceride and phospholipid contents, was found during iced storage (P < 0.05), suggesting hydrolysis induced by lipases and phospholipases.