Quality characteristics of Kwamaegi (semi-dried saury) prepared by treatment of chitosan-ascorbate (CA) and vacuum drying at $40{sim}60^{circ}C$(VDK), and the effect of the Kwamaegi on serum lipid profiles and anti-oxidation-related enzyme activity in rats fed high fat diets were investigated. The preparation periods were $4.5{sim}8.3$ hr in VDK, while naturally dried Kwamaegi (NDK) took 360480 hr. Total microbe contents of VDK and NDK were $0.2{sim}0.5$ and 8.2 log CFU/g, respectively. There was no significant difference in amino-nitrogen content. Compared with NDK, the acid and peroxide value, and fishy flavor of VDK40 (dried at $40^{circ}C$) were significantly lower, and the texture, color and overall acceptability were higher. In animal experiments, weight gain, content of LDL-cholesterol and lipid peroxide, activities of total (T) and O type (O) xanthine oxidase, and the O/T ratio (%) were significantly lower in the VDK40 diet group than in the NDK diet group. The content of HDL-cholesterol in the VDK40 diet group was higher than in the NDK diet group. These results suggest that preparing CA-treated Kwamaegi with vacuum-drying at $40^{circ}C$ can be applied throughout the year, and may shorten preparation time and improve its microbiological safety and nutritional values.