Changes in lipids in light salt dry-curing (LSD) grass carp muscle stored at 4 ℃ for 15 days were investigated to clarify the effect of LSD on lipid transformation. A total of 1265 lipid molecules from 35 subclasses were identified in the grass carp muscle. LSD promoted lipid conversion in early cold stage (0−6 days) but inhibited it later (6−15 days). Phosphatidylethanolamine (16:1e/22:6), phosphatidylcholine (16:0/20:4) and triacylglycerol (18:0/16:0/20:4) might be biomarkers of inhibited lipid corruption. The metabolisms of glycerophospholipid, fatty acids and arachidonic acid were crucial in restraining lipid transformations. Thiobarbituric acid reactive substances in LSD-pretreated muscle were significantly increased. LSD significantly increased acid lipase and phospholipase activities during early cold stage, but this effect decreased with refrigeration time. The lipid profile of LSD-pretreated grass carp muscle showed no significant change on day 15 of refrigeration. Consequently, LSD inhibited the lipid degradation of grass carp muscle during extended cold storage.