The lipid composition and oxidative stability of mullet (Mugilcephalus) raw roes and cured products (bottarga) from two different fishing areas have been studied and compared to find lipid modifications due to manufacturing procedures. Moreover, n-3 PUFA oxidation in raw roes and cured products was monitored during storage at −20 °C, and in grated sample of bottarga at room temperature. Oxidative degradation of n-3 PUFA was evaluated by conjugated dienes fatty acids hydroperoxides determination. The treatments on mullet roe did not affect the lipid level (fatty alcohols and acids, cholesterol) and the amount of hydroperoxides. No significant difference is observed between n-3 PUFA levels during processing and at different storage conditions. The order of oxidative stability, as calculated by the hydroperoxides determination was: grated bottarga < whole bottarga < raw roe.