Reared meagre (Argyrosomus regius) of average weight 1278 g was evaluated for its filleting yield and fillet lipid quality. Filleting yield averaged 42.2%, while very low levels of muscle fat deposits were measured (1.06%). Analysis of lipid classes revealed a high proportion of polar lipids (48.3–59.1%) and low levels of neutral fatty acids (40.9–51.7%) when compared to corresponding values of other farmed fish species. Phosphatidyl-choline (PC) was the dominant polar lipid (2.92 mg g−1 muscle), while cholesterol the most abundant neutral lipid (1.68 mg g−1 muscle). The fatty acid composition of meagre fillet generally reflects the dietary fatty acids. Among n-3 fatty acids, eicosapentaenoic (4.58%) and docohexaenoic (15.0%) were measured to be the most abundant ones, and 18:2n-6 (11.9%) was the most common n-6 fatty acid. The fatty acid profiles of polar and neutral fractions differ, with monounsaturated fatty acids being predominant in the neutral and n-3 polyunsaturates in the polar lipids. The high polar lipid contents and n-3 fatty acids and the low atherogenic and thrombogenic indexes indicate a high quality of this species’ lipids.