The relationships between the lipid content, lipid oxidation, and discoloration rate of ground beef during a simulated retail display were characterized in this study. A total of 276 batches of ground beef were manufactured with inside rounds and subcutaneous fat from 138 beef carcasses at different targeted levels of lean:fat. There was a total of four different targeted grind levels during the manufacture of the ground beef, and the lipid content for the samples used in this study ranged from 2% to 32% total lipid. Fatty acid composition was determined based on subcutaneous fat, whereas the proximate composition of moisture and total lipids, instrumental color, visual discoloration, and lipid oxidation measured as thiobarbituric acid reactive substances were evaluated on ground beef patties during 7 days of simulated retail at 4 °C display under LED lights. Analysis for the correlation and the creation of linear regression models indicated that lipid content played a more critical role in the discoloration rate compared to lipid oxidation and fatty acid composition. Lipid oxidation could be more reliably predicted by lipid content and instrumental color compared to visual discoloration. Overall, ground beef formulated with greater lipid content is expected to experience greater rates of lipid oxidation and discoloration during retail display.