The interrelationship between myoglobin oxidation, lipid oxidation and discolouration in oxeye scad fish during iced storage were investigated. The myoglobin autoxidation rate increased with increasing storage time up to 12days (p<0.05) and remained constant thereafter (p>0.05). Increase in metmyoglobin correlated well with a blue shift from 410 to 408nm for myoglobin. The soret band of myoglobin decreased with a concomitant decrease in the redness index (p<0.05). During storage, the extractable haem iron decreased (p<0.05), while the non-haem iron increased (p<0.05). Hydrogen peroxide and ferrylmyoglobin concentrations had increased at the end of storage (p<0.05). The conjugated diene (CD) and peroxide value (PV) of oxeye scad lipids tended to stabilise during the initial phase of storage, increased in the differentiation phase and had declined at the end of storage. However, thiobarbituric acid reactive substances (TBARS) increased markedly (p<0.05). Overall, lipid and myoglobin oxidations in oxeye scad occurred in a concurrent manner and each process appeared to enhance the other.