Abstract: The physico-chemical characteristics °of oils extracted from six different parts of hilsa °fish (Hilsa ilisha) like dorsal, ventral, tail, egg, liver and brain were analyzed. The physical characteristics such as the specific gravity, refractive index, smoke point, flash point, fire point, cloud point, solidification point and pour point of the hilsa fish oils from the different parts presently examined were ranged from 0.920 to 0.932, 1.4700 to 1.4722 at 25°C, 220 to 228°C, 322 to 330°C, 350 to 364°C, 2 to 2.4°C, -10 to -5°C and -7 to 6°C, respectively. The chemical properties such as saponification value, iodine value, peroxide value, acid value, % FFAs and unsaponifiable matters of the hilsa fish oils from different parts were found to be varied from 180.28 to 194.00, 80.70 to 126.40, 7 to 10, 4.16 to 12.00, 2.08 to 6.00 and 1.58 to 7.00%, respectively. The saturated and unsaturated fatty acids present in the oil samples were mainly myristic acid (5.44 to 7.24%), palmitic acid (22.00 to 27.08%), stearic acid (4.00 to 6.32%), palmitolenic acid (12 to 14%), oleic acid (26.08 to 29.78%), linoleic acid (0.92 to 2.20%) and linolenic acid (0.82 to 1.08%). The storage effect on the hilsa fish oils, which were obtained from different parts for the production of fatty acids by the action of lipase have been studied after storing the samples at low temperature (-10 to 0°C) and at room temperature (25 to 28°C). The contents of % FFA were initially low but increased rapidly on storage. It has been shown that lipase enzyme in hilsa fish oil is active even at temperature -10°C. The hydrolytic deterioration of hilsa fish oils were found to be more effective at 0°C than that from -10°C. Further, the qualities of hilsa fish oils were deteriorated slightly further when stored at 25°C.