Sardine (Sardinops sagax caerulea) oil was refined and the fatty acid composition as well as the physical and the chemical quality variables were monitored. The refining of crude sardine oil was carried out in three stages: alkali-refining, clay-bleaching, and steam-deodorizing. Results show that the refining process significantly improved (p < 0.05) the chemical quality of the oil, by decreasing its peroxide value (from 10.05 to 0.81 meq/kg), p-anisidine value (from 3.67 to 1.63 mmol/kg), and free fatty acids content (from 0.21 to 0.052% as oleic acid). The oxidative stability increased from 10.39 to 17.55 h (using Rancimat at 60°C, and 7 L/h air flow). These values are within the acceptable standards for edible fish oils. No significant differences (p < 0.05) were observed in fatty acids composition. The notable improvement in the physical properties of refined sardine oil produced high quality fish oil in terms of color (golden yellow) and odor (odorless).