Fish protein isolate (FPI) extracted from whole ponyfish (Equulites klunzingeri) by pH-shift process was used to microencapsulate raw anchovy oil (Engraulis encrasicolus) by spray drying. In the first group (SC), 10% sodium caseinate and 10% maltodextrin were used as a coating material for 10% fish oil and dried at air temperature of 160 degrees C. In the second (5%FPI) and third groups (10%FPI), 5% and 10% FPI were used instead of sodium caseinate, respectively. Total saturated fatty acid (SFA), monounsaturated fatty acid (MUFA) and polyunsaturated fatty acid (PUFA) contents in the microencapsulated fish oils were in the range of 34.54-38.31%, 21.65-23.75 and 26.24-30.97, respectively. The lowest value of peroxide value (PV) was obtained from fish oil with 10% FPI. No significant differences were found in free fatty acids (FFA) and thiobarbituric acid (TBA) values between the control and FPI added groups. As for morphology of the particles, the better particle surface and homogeneous distribution was detected in 5% FPI group than the control and 10% FPI group. Since the use of FPI gave good results as a wall material for microencapsulation of fish oil, it can be potentially used as a nutraceutical agent in food systems.