It is known that the centreless cores of fgc extended affine Lie algebras can be viewed as fixed point subalgebras. In this paper, we study fixed point subalgebras of fgc extended affine Lie algebras. Our main result is that the fixed point subalgebras of untwisted extended affine Lie algebras under a finite abelian group (which is determined by some commuting finite order automorphisms) are fgc extended affine Lie algebras.