The consequences of using 25% whole or shelled sea urchin as an ingredient in anchovy sauce on its fermentation and development of its physicochemical properties after 20 days fermentation was studied. Two varieties of fish and sea urchin sauce were made with or without shell at 1:2:1 ratio (salt:fish:sea urchin) plus a control fish sauce at 1:3 ratio (salt:fish). All sauces were fermented at 40–50 °C for 20 days, where for the first 7 days the preparation remained in a static phase. During their fermentation, pH, salt concentration, aw, TVB-N, TMA, total nitrogen, formaldehyde nitrogen, amino nitrogen, and ammonium nitrogen, as well as aerobic mesophiles and lactic acid bacteria were monitored. The fermentation of the experimental sauces proved to follow an evolution rather similar to the control sauce. The whole and shelled sea urchins provided the necessary microbial and enzymatic load to trigger an adequate hydrolysis of the fish and the production of total nitrogen (16.0–17.6 g/L), formaldehyde nitrogen (15.1–16.0 g/L), and amino nitrogen (0.7–0.8 g/L) of the same order as the control sauce, despite the lower fish content. According to TMA (9.2–13.1 mg N/100 g), VBT (40.0–47.2 mg N/100 g) contents, and pH levels (5.41–5.46), no deviation of the fermentation process was observed under the experimental conditions (salt content, temperature, and agitation after the static phase). Quantitative descriptive analysis (QDA) sensory revealed that the use of sea urchin results in high quality products characterized by their aromas of crustaceans and mollusks. The present study investigates the potential use of shelled and even whole sea urchin as an ingredient for the preparation of high quality fish sauces.