Soybean oil (900 g) was heated by deep frying at 200°C for 1 h with the addition of 0, 50, 100, 150 and 200 mL water, and then stored at 55°C for 26 weeks. Soybean oil, corn oil and lard were heated by stir frying and then stored at 55°C for 30 weeks. The volatiles and peroxide values of these samples were monitored. All samples contained aldehydes as major volatiles. During heating and storage, total volatiles increased 260‐1100‐fold. However, aldehyde content decreased from 62–87% to 47–67%, while volatile acid content increased from 1–6% to 12–33%; especially hexanoic acid which increased to 26–350 ppm in the oils after the storage period was completed. Water addition to the oils heated by deep frying tended to retard the formation of volatile compounds. The total amount of volatile constituents of lard heated by stir frying increased more during storage than that of corn oil or soybean oil. Peroxide values did not reflect the changes of volatile content in the samples.