The preservative properties of waste liquor obtained from octopus (Octopus vulgaris) cooking were investigated. Three different concentrations (high, medium, and low) of octopus cooking liquor (OCL) were included, respectively, in the aqueous packaging medium employed for mackerel (Scomber colias) canning. As a result, the canning process led to an increase (p < 0.05) of lipid content, lipid oxidation (development of fluorescent compounds and thiobarbituric acid reactive substances, TBARS), lipid hydrolysis (formation of free fatty acids, FFA) and ω3/ω6 ratio in fish muscle. In all canned samples, primary (peroxides) and secondary (TBARS) levels of lipid oxidation were low. Remarkably, the presence in the packaging medium of the high and medium OCL concentrations led to lower (p < 0.05) lipid oxidation development (fluorescent compound and TBARS detection, respectively). Furthermore, an increasing OCL presence led to an average decrease of peroxide and FFA content and to an average increase of the polyene index (PI). All OCL-packaged muscle showed lower average values of saturated fatty acids and ω3/ω6 ratio and higher average values of PI and monounsaturated fatty acid presence. This study provides a first approach to novel and beneficial use of the present marine waste to inhibit lipid damage of commercial canned fish.