Shelf life of banana shrimps, Penaeus merguiensis, were studied along with formaldehyde changes in their muscles during iced and frozen storage. K-value, timethylamine oxide nitrogen (TMAO-N), trimethylamine nitrogen (TMA-N), volatile basic nitrogen (VB-N) and sensory quality were determined. Shelf life was 4 days in ice, 6 days at -3°C and 9 wk at --10°C. They remained acceptable after 6 mo at -20°C. Formaldehyde was a good indicator in shrimp shelf life assessment.