Abstract: The squid resources are abundant in China, and the annual output is close to 0.4 million tons. Squid viscera is the main byproduct of squid processing, and it has high nutritional value. The squid viscera has a great development potentiality because it is rich in protein, fat, taurine, calcium, phosphorous andsome trace elements, and especially the flavor amino acids and polyunsaturated fatty acids. In this paper, the basic composition of squid viscera was firstly described, and then, the research progress on its studies and comprehensive utilization was summarized from the aspects of protein, fat and the other functional constituents. The developing trend was also prospected, and this might provide certain theoretic basis for the further utilization of squid viscera and rapid development of squid deep-processing.