Changes in ATP, IMP, lactate and glycogen contents in the muscle of cod were followed during freezing at temperatures of −20C and −45C. ATP degradation was accompanied by a corresponding increase in IMP content. Simultaneous measurement of temperature showed that at both freezing rates, the greatest decrease in ATP content was observed when the temperature reached ‐0.8C. Glycolysis occurred during freezing of cod as indicated by an increase in lactate content. The changes found in all measured metabolites were more pronounced when freezing was performed at a slow rate compared to a fast rate due to the thermal arrest time at about 0.8C.