The effect of raw material freshness on fish oil quality produced in fish meal and oil factories in the Black Sea during the 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 thiobarbituric acid (TBA) values of the fish oils that having different freshness degree of raw material were determined as D0, D1, D2, and D3. Thirty-one fatty acids in total were identified and the total ratio of identified fatty acids ranged between 87.35% and 88.22% among the groups. In the freshest group (D0), the average saturated (SFA), monounsaturated (MUFA), and polyunsaturated (PUFA) fatty acids contents were 34.21%, 21.51%, and 32.04%, respectively. In the 1 day old material (D1), the average SFA, MUFA, and PUFA contents were 34.17%, 21.73%, and 32.32%, respectively. In the 2 days old material (D2), the average SFA, MUFA, and PUFA contents were 34.06%, 21.29%, and 32.18%, respectively. In the 3 days old material (D3), the average SFA, MUFA, and PUFA contents were 34.48%, 21.66%, and 31.21%. In addition, atherogenicity (AI) and thrombogenicity index (TI) , which is an evaluation index for fatty acids, and polyene (PI) index indicating the degradation of PUFA were calculated, and the obtained data were compored with the recommended limit values for human health. Based on the findings, it was determined that if the raw material was processed earlier, the amount of PUFA in fish oil would be higher. In light of these results, it can be recommended that the factories that produce according to the feed law should produce the fish oil that is rich in 3 and 6 according to the food law instead of feed law.