The effect of raw material freshness on fish oil quality produced in fish meal and oil factories in the Black Sea during 2007-2008 fishing season was investigated. The fish oil was produced from anchovy (Engraulis encrasicolus) which were processed on catch day (D0), Day 1(D1), Day 2 (D2) and Day 3 (D3) after catching and TBA values of the fish oils that having different freshness degree of raw material were determined as D0, D1, D2 and D3. Total 31 fatty acids were identified and the total ratio of identified fatty acids ranged between 87.35 ± 0.05% and 88.22 ± 0.14% among the groups. In the freshest group (D0), the average saturated fatty acid (SFA) was 34.21% ± 0.069, the monounsaturated fatty acid (MUFA) ratio was 21.51% ± 0.083 and the polyunsaturated fatty acid (PUFA) amount was 32.04% ± 0.185. In the 1 day old material (D1), the average SFA was 34.17±0.127 %, the MUFA ratio was 21.73±0.22% and the PUFA amount was 32.32±0.043%. In the 2 days old  material (D2), the average SFA was 34.06±0.029%, the MUFA ratio was 21.29±0.026% and the PUFA amount was 32.18±0.071%.In the 3 days old material (D3), the average SFA was 34.48±0.057%, the MUFA ratio was 21.66±0.033% and the PUFA amount was 31.21±0.040%. Atherogenicity index (AI) (mean and thrombogenicity index (TI) (mean) were calculated as 0.86 ± 0.011 and 0.28 ± 0.006 respectively. Polyene index (PI) was 1.38 ± 0.001. Based on the findings, the sooner the raw material is processed, the higher the amount of PUFA will be present in fish oil. It can be recommended that the factories that produce according to the feed law should produce the fish oil that is rich in w3 and w6, according to the food law.