A margarine containing fish oil with well-balanced nutritive qualities and no fishy odor, containing as at least a part of the liquid oil a refined fish oil produced by subjecting a mixture of a polyhydric alcohol, a monoglyceride and a fish oil to a preliminary molecular distillation to remove volatile components and deodorize the fish oil, subjecting the deodorized fish oil to further molecular distillation and recovering vaporized components as the refined fish oil.