Effects of the kind and concentration of salt on oxidation of lipids and on formation of flavor components have been studied with four varieties of fermented anchovies prepared with 20% sun-dried salt (sample B), 12% refined salt (sample C), 16.5% refined salt(sample D) and 16.5% refined salt plus 25% brine(sample E). The sample B showed higher peroxide and TBA value and also higher content of TMA than those prepared with refined salt. The amounts of amino-N and VBN in sample B appeared larger than in sample D but was in a similar level with those in sample C. On the other hands, much smaller amounts of lactic and succinic acid were observed in sample B compared with in sample C and D. Sample C revealed the highest level of lactic acid among the samples tested. The changes in the amounts of each free amino acid displayed similar tendencies in all samples, except decreasing tendency of tyrosine in sample B and increasing tendency of aspartic acid in sample C. Also observed was lower IMP and inosine level in sample B than in C and D, but hypoxanthine level was higher in B. In general, sample E indicated remarkably lower values of experimental data in all cases mentioned above, but the highest TBA balue.