The aim of this research was to compare the differences in shelf life and resistance to decomposition of fresh and dried caviar produced from flathead grey mullet (Mugil cephalus, Lin. 1758) caught from Homa Lagoon, which is located 20 km northeast of Izmir Bay, Turkey. The proximate compositions of caviars were determined as follows: moisture 50.2+/-0.15 %, crude fat 13.1+/-0.23 %, protein 25.7+/-0.43 %, ash 1.48+/-0.03 % and carbohydrate 9.59+/-0.10 %, for fresh caviar and moisture 26.3+/-0.53 %, crude fat 13.3+/-1.51 %, protein 41.8+/-0.56%, ash 4.68+/-0.11 % and carbohydrate 14.0+/-0.05 % for dried caviar. The proximate composition values of dry and fresh caviars were significantly different (P<0.05). To determine the refrigerated shelf life, chemical quality control analysis using Total Volatile Basic Nitrogen (TVB -N), Trimethylamine (TMA) and Thiobarbituric Acid (TBA), pH and color values were measured. Both fresh and dried samples were found to be spoiled end of the 8th day of refrigerator storage, based on their TMA-N and TVB-N values.