Based on changes in chemical and sensory variables, the keeping time of ungutted offshore capelin (Mallotus villosus) stored in ice was ~ 12 d, which was superior to other pelagic fish such as inshore (spawning) male capelin, Atlantic herring (Clupea harengus harengus) and Atlantic mackerel (Scomber scombrus). Free fatty acid, hypoxanthine, trimethylamine, and moisture content as well as iodine number and muscle pH significantly (P ≤ 0.05) changed during 16 d of iced storage. Although changes in lipid content and peroxide value were statistically significant (P ≤ 0.05), it is questionable whether these changes were chemically significant. Hypoxanthine and trimethylamine appeared to have the most potential for use as indices of sensory quality deterioration during iced storage. Key words: capelin, flavor, free fatty acids (FFA), hypoxanthine, iced storage, odor, overall acceptability, peroxide value, texture, trimethylamine (TMA)