Capelin annual catch exceeds half a million tons in Iceland, with only a small quantity (<20%) of female with roe used for human food. There is a potential to use dried male capelin as a new product for human consumption, but its lipid content varies considerably (4-20% body weight). Earlier studies were more concentrated on the influence of drying conditions than the influence of storage conditions on the quality of dried fish, as dried fish are usually considered to be stable and safe during storage. Three batches of dried male capelin differing in lipid content were packaged and studied during 5 months storage at 22 ± 2 °C to establish appropriate lipid content at harvesting and product packaging method. Lipid composition, lipid hydrolysis and oxidation, sensory attributes and microbial activity were evaluated. Batches differed in composition and stability, with low lipid capelin constituting higher proportion of polyunsaturated fatty acids (22% lipid) than high lipid (18% lipid) capelin. Lipid oxidation was influenced by lipid content and packaging method, as accelerated oxidation occurred in high lipid and open packed capelin. Lipid hydrolysis was less influenced by packaging and was greater in low lipid capelin. High lipid capelin in open bags scored the highest for rancid odor. All batches were micro-biologically stable with colony-forming unit counts increasing less than log 1 (log 5-6) during 5 months storage.