Marine foods are highly perishable products due to their high content of polyunsaturated fatty acids, which can be readily oxidized to form peroxides and secondary oxidation products, thus conferring such foods undesirable organoleptic characteristics and generating harmful compounds that are detrimental to the health of consumers. The use of preservation methods that minimize lipid oxidation is required in the fishing and aquaculture industries. Low temperature storage (chilling or freezing) is one of the most commonly used preservation methods for fish and seafood, although it has been shown that the oxidation of the lipid fraction of such products is partially but not completely inhibited at low temperatures. The extent of lipid oxidation depends on the species and the storage temperature and time, among other factors. This paper reviews the effect of low temperature storage on the lipid quality of fish, either alone or in combination with other preservation techniques. The use of antioxidant additives, high hydrostatic pressure, irradiation, ozonation, ultrasounds, pulsed electric fields, and the design of novel packaging can help preserve chilled or frozen fish products, although further research is needed to develop more efficient fish preservation processes from an economic, nutritional, sensory, and sustainable standpoint.