This study investigated the dynamic evolution of physicochemical properties and lipid composition in dry-cured ham throughout the processing stages. Samples collected at different stages were analyzed for moisture content, water activity, and peroxide value, and fatty acid profiles were determined using gas chromatography (GC). Moisture content declined progressively as the processing advanced, and water activity decreased at various processing stages. Substantial remodeling of lipid composition occurred during the salting, air-drying, and pre-ripening stages, resulting in an overall increase in the proportion of unsaturated fatty acids and a corresponding reduction in saturated fatty acids in the later stages of ripening. The proportion of monounsaturated fatty acids decreased during salting but increased during air-drying, whereas the proportion of polyunsaturated fatty acids further rose during the pre-ripening process. Notably, in the biceps femoris (BF) muscle of pre-ripened ham, the contents of polyunsaturated fatty acids, including arachidonic acid (C_20:4n-6), eicosapentaenoic acid (C_20:5n-3), and docosatrienoic acid (C_20:3n-3), significantly increased. In the semimembranosus (SM) muscle of ripened ham, the relative contents of n-3 fatty acids, including docosatrienoic acid (C_20:3n-3) and eicosapentaenoic acid (C_20:5n-3), were significantly higher than those in raw meat. These findings identify the salting, air-drying, and pre-ripening stages as critical control points for lipid transformation and quality formation.