The effects of added potassium ferrocyanide (CN) in different concentrations (2.5 ppm, 7.5 ppm and 100 ppm), in salt, on lipid oxidation in cod during salting, storage and rehydration were examined in this study. An increase in CN concentration accelerated lipid oxidation of the salted cod, as observed by increases in lipid hydroperoxides (PV) and thiobarbituric acid-reactive substances (TBARS), as well as in the development of fluorescence compounds (δFor and δFaq). A yellow discolouration (higher b∗ value) of salted cod was associated with higher levels of oxidation derivatives. High correlation between PV, TBARS and free fatty acid (FFA), as well as between FFA and δFor, was found. The results of principal component analysis showed that TBARS, b∗ value and δFor were the strongest indicators of lipid oxidation during salting and storage.