To analyze the lipid characteristics of muscle and by-products of Oratosquilla oratoria. the lipid content, astaxanthin content, lipid composition, fatty acid composition, phospholipid composition and glycerophospholipid molecular species were determined. The results showed that the lipid contents of muscle and by-products were (7.20 ± 0.69)% and (1.86 ± 0.14)%, and the astaxanthin contents were (0.9 ± 0.01) and (2.09 ± 0.08) µg/g. respectively. The lipid of Oratosquilla oratoria is rich in phospholipids (61.57%-73.6%) and polyunsaturated fatty acids (39.56%-44.47%), especially eicosapentaenoic acid (EPA) (12.37%-15.06%) and docosahexaenoic acid (DHA) (13.89%-13.99%). The phospholipid of Oratosquilla oratoria is rich in phosphatidylcholine (mole fraction of 55.54%-61.11%) and phosphatidylethanolamine (mole fraction of 30.79%-24.86%). About 100 molecular species of glycerophospholipids were identified by triple quadrupole mass spectrometry. The main molecular species included EPA, DHA and other omega-3 polyunsaturated fatty acids (n-3 PUFA). The results showed that the by-products of Oratosquilla oratoria had high nutritional value as the source of phospholipid type n-3 PUFA.