This study investigated the changes of lipids during the industrial preparation of noodle dough and dried noodles, including the hydration, sheeting, and drying processes. The results showed that industrial processing markedly influenced the stability of lipids during the preparation of dried noodles. The contents of total free fatty acids, polyunsaturated fatty acids, and free lipids were reduced, while peroxide values increased during the hydration and sheeting processes, showing the instability of lipids. The increase in lipid oxidation may have been due to the activation of lipoxygenase. Although its activity declined by 45.7% in the hydration process compared to that of the native wheat flour (198.5 ± 20.4 U/g/min), the residue activity should have been high enough to oxidize lipids. Interestingly, lipase activity remained relatively stable.In addition, an obvious increase of carbon-centered free radicals was observed during the entire processing. In conclusion, the industrial processing, especially the hydration process, markedly changed the lipid profile and promoted lipid oxidation during the preparation of dried noodles. Practical Application: The present study showed the positive relationship between endogenous lipid degrading enzymes and the degradation of lipids and elucidated the role of industrial processing on lipid stability in noodle dough and dried noodles. The results of the present study will also help us to understand more about the sensory quality of dried noodles during preparation, as well as to develop high quality of wheat-based food products.