The oil obtained from waste squid viscera consists of multi-compounds such as EPA, DHA and other valuable polyunsaturated fatty acids. The refining of this squid oil, using supercritical carbon dioxide plus ethanol, was performed in a semi-continuous flow extractor at 8 to 17 MPa and 25 to 50 ℃. When 1.5% w/w ethanol was added to the solvent, the solubility of lipids was increased by up to 50% over the neat CO2 value. The extraction curves indicated mass transfer to be solubility limited. Cholesterol was co-extracted with the lipids but, with its lower solubility, less than 54% appeared in the refined oil. The results of the carbon dioxide/multi-compound squid oil system at applied to the extraction conditions were correlated with the mole fraction of the cholesterol and the density of the pure solvent.