Certain species of thraustochytrids are being explored as potential producer of polyunsaturated fatty acids for nutritional enrichment of food products and use as feed additives in aquaculture. The fatty acid composition and squalene content were determined in the thraustochytrid, Schizochytrium mangrovei that was newly isolated from decaying Kandelia candel leaves in Hong Kong mangrove habitat. The major fatty acid constituents identified in all three S. mangrovei strains were tetradeanoic acid (C14:0), hexadecanoic acid (C16:0), docosapentaenoic acid (C22:5 n-6, DPA) and docosahexaenoic acid (C22:6 n-3, DHA). DHA was the most predominant polyunsaturated fatty acid, and the percentage of DHA (of total fatty acids) in all these strains varied from 32.29 to 39.14%. Only slight changes were observed in fatty acid composition of the S. mangrovei strains harvested at their early (day 3) and late stationary (day 5) phases. In contrast, the cellular squalene content was affected significantly by the culture time; the largest decrease of squalene content from 0.162 mg/g to 0.035 mg/g was found in S. mangrovei FB1 as the culture aged.