Changes in proximate composition of anchovy were investigated during the catching season from October to March. In addition, stability of anchovy oil depending on storage temperature and time were studied. During the recent study, water, fat, protein and ash content of anchovy varied between 65.9-74.0%, 9.0-15.3%, 12.8-16.4% and 1.7-2.2%, respectively. The anchovy oil stored at 4C was found to be unacceptable for consumption at the end of the 90th day of storage according to peroxide, acid, unsaponifiable matter and thiobarbituric acid values. An identical sample stored at -18C was acceptable for 120 days of storage, but eventually became unacceptable after that.