Objective： Antarctic krill lipids are rich in omega-3 polyunsaturated fatty acids （ω-3 PUFA, mainly, EPA and DHA, phospholipids （PL）, as well as natural antioxidants, such as astaxanthin, and they have important physiological functions. It is of practical value to develop a new preparation method of Antarctic krill oil and further study its volatile components. Methods： The optimum conditions of the subcritical butane extraction were determined based on the response surface methodology （RSM）. Gas chromatography-mass spectrometry （GC-MS） was used to determine the volatile components of krill oil prepared by a new process. Results： Referring to the actual operation procedure, the optimum conditions were fixed as follows: temperature of 40 ℃, pressure 1.0 MPa, dynamic extraction time 120 min, and the lipid extraction yield was （81.2±0.4）%；The volatile components of the krill oil were analyzed, with few unsaturated cyclic hydrocarbons or steroids found, and the main 27 active components were found, including 2-decenal, 11-enal, and decanoic acid, etc. Conclusion： The volatile components features in antarctic krill oil are not as stable as the fatty acids features, and they can also be used as a characteristic index to identify the authenticity of Antarctic krill oil.