Investigations were performed on the effects of extraction temperature, pressure, time on solubility and selectivity of egg yolk lipid and cholesterol, and color and fatty acid composition of the residue in supercritical carbon dioxide(SC-Co$_2$) extraction. Lipid and cholesterol solubility increased as the increase of Co$_2$ density and was found to strongly depend on the extraction pressure rather than the extraction temperature. The relative concentration of cholesterol in the extract increased with an increase in temperature and decreased with an increase in pressure and extraction time. extraction of dried eg yolk for 3hr at 4$0^{circ}C$/276 bar removed 46.1% of cholesterol from the residual egg yolk with a yield of 63.2%. SC-Co$_2$ extraction produced a lighter color egg yolk with less redness and yellowness. As the extraction time increased, the resultant residual egg yolk became more saturated with fatty acids. SC-$CO_2$ extraction offers a safe, natural method for removing cholesterol from dried egg yolk.