This study investigated the effects of deep freezing and storage temperature (–50°C, –60°C, and –80°C) on the quality and freshness of lamb. To compare the qualities of deep frozen and stored lamb, fresh control and normal freezing conditions (–18°C) were adopted. As quality and freshness parameters, drip loss (thawing loss and cooking loss), water-holding capacity (WHC), texture profile analysis (TPA), thiobarbituric acid reactive substances (TBARS), and total volatile basic nitrogen (TVBN) were evaluated during 5 months of storage. Temperature influenced the drip loss and WHC, and deep freezing minimized the moisture loss during frozen storage compared to the normal freezing condition. Lamb frozen and stored at deep freezing temperature showed better tenderness than that stored in normal freezing conditions. In particular, lamb frozen at lower than –60°C exhibited fresh lamb-like tenderness. Regardless of temperature, evidence of lipid oxidation was not found in any frozen lamb after 5 months, while TVBN was dependent on the applied temperature. Therefore, this study demonstrated that deep freezing could potentially be used to maintain freshness of lamb for 5 months. From the quality and economic aspects, the freezing and storage condition of –60°C is estimated as the optimum condition for frozen lamb.