This study investigated the effect of single- and two-cycle high hydrostatic pressure (HHP) treatments on water properties, physicochemical, and microbial qualities of squids (Todarodes pacificus) during 4 °C storage for up to 10 d. Single-cycle treatments were applied at 200, 400, or 600 MPa for 20 min (S-200, S-400, and S-600), and two-cycle treatments consisted of two 10 min cycles at 200, 400, or 600 MPa, respectively (T-200, T-400, and T-600). HHP-treated samples had higher (P < 0.05) content of P2b (immobilized water) and P21 (myofibril water), but lower P22 (free water) than those of control. The single- and two-cycle HHP treatments at the same pressure level caused no significant difference in water state of squids. The two-cycle HHP treatment was more effective in controlling total volatile basic nitrogen, pH, and total plate counts (TPC) of squids during storage, in which TPC of S-600 and T-600 was 2.9 and 1.8 log CFU/g at 10 d, respectively, compared with 7.5 log CFU/g in control. HHP treatments delayed browning discoloration of the squids during storage, and the higher pressure level and two-cycle HHP were more effective. Water properties highly corresponded with color and texture indices of squids. This study demonstrated that the two-cycle HHP treatment was more effective in controlling microbial growth and quality deterioration while having similar impact on the physicochemical and water properties of squids in comparison with the single-cycle treatment, thus more desirable for extending shelf-life of fresh squids.