AbstractQualitative and quantitative analyses of volatile compounds in fresh and aged potato chips and unused fresh and aged frying oils showed that oxidation of oils was mainly responsible for volatile compound changes in potato chips during storage. The lipid oxidation of potato chips was determined by measuring the peroxide value of potato chips and the amount of volatile compounds and oxygen content in the headspace of potato chip bottles by gas chromatography. The correlation coefficients between volatile compounds and oxygen content, volatile compounds and peroxide value, and peroxide values and oxygen content were ‐0.93, 0.95 and ‐0.93, respectively. These high correlation coefficients indicated that volatile compound changes in potato chips during storage were mainly due to the oxidation of oil. The lipid oxidation of potato chips during storage can be studied by measuring oxygen content and the amount of volatile flavor compounds in the headspace. The potato chips produced in oil containing an antioxidant tertiarybutyl hydroquinone (TBHQ) had better oxidation stability than the chips fried in oil without TBHQ.