As a part of basic investigation for utilizing by-products derived from marine food processing more effectively as a food source, refining of viscera oil of squid caught off Newzealand were investigated. In the process of refining, degumming with 3% of phosphoric acid at $60^{circ}C$ for 30 min was effective in removing phosphatides, and optimal condition to neutralize was treating with 0.6% excess of 20% sodium hydroxide solution at $80^{circ}C$ for 20 min. Bleaching was optimized by adding 10% activated clay and treating for $100^{circ}C$ for 20 min under vacuum, and deodorizing was done by steam destillation at $180^{circ}C$ for 60 min under 4 torr of vacuum. Acid value, peroxide value and chromaticity of refined squid viscera oil were 0.20, 0.8 meq/kg and 0.019, respectively. The ratio of polyenoic acid composition to saturated acid composition of refined squid viscera oil was 1.28 and its major fatty acids were 16 : 0, 18 : In-9, 20 : 5n-3 and 22 : 6n-3.