Tilapia is a farmed commodity of freshwater fish that can be processed into refined products, e.g. the tilapia fillets. The arising problem in the utilization of tilapia into processed products is its residual waste. The purpose of study is to obtain fish oil from tilapia by-products by wet rendering extraction; to characterize fish oil; to determine the optimum temperature and period of wet rendering extraction; and to determine the fatty acid composition of fish oil. Extraction temperatures were varied i.e. 25, 50, 70, and 90 °C. Extraction periods observed were 15, 25, 35, and 45 min. Quality parameters to evaluate the performance of fish oil were free fatty acid, acid value, peroxide, p-anisidine, total oxidation, and fatty acid composition analysis. The optimum temperature and period of wet rendering extraction were 70 °C for 35 minutes, with the highest yield of 6.44%. Fish oil yield which was obtained using Bligh and Dyer method was 8.12%. Fish oil extracted from wet rendering method contained 1.15% of EPA and 1.03% of DHA.