Physicochemical characterisation and oxidative stability of refined hoki oil, unrefined hoki oil and unrefined tuna oil were carried out in the present study. Tuna oil contains a higher percentage of polyunsaturated fatty acids (42.57%) than the hoki oils (28.79–30.13%), which have higher percentages of monounsaturated fatty acids (45.02–47.16%). All oils showed a good ratio of n-3 to n-6 fatty acid (7.01–8.10). Cholesterol contents in the unrefined hoki (5149.40 μg g−1) and tuna (2045.48 μg g−1) oils were higher than the refined hoki oil (1411.27 μg g−1). Tuna has a higher concentration of natural α-tocopherol (752.49 μg g−1) but lower concentration of vitamin A (110.99 μg g−1) than unrefined hoki oil (151.44 μg g−1 and 997.60 μg g−1, respectively). Higher percentages of unsaponifiable matter were found in the hoki oils (4.90–7.24%) compared with the tuna oil (0.56%). The hoki oils appear more yellow than the tuna oil, which is darker by comparison. Moisture, p-anisidine value and free fatty acid contents in the hoki oils were lower than the tuna oil. Other indicators of oxidative stability showed that the hoki oils were more stable than the tuna oil.