The aim of this work was to measure the physico-chemical and the colorimetric parameters of ovaries from Mugil cephalus caught in the Tortolì lagoon (South-East coast of Sardinia) along the steps of the manufacturing process of Bottarga , together with the rheological parameters of the final product. A lowering of all CIELab coordinates (lightness, redness and yellowness) was observed during the manufacture process. All CIELab parameters were used to build a Linear Discriminant Analysis (LDA) predictive model able to determine in real time if the roes had been subdued to a freezing process, with a success in prediction of 100%. This model could be used to identify the origin of the roes, since only the imported ones are frozen. The major changes of all the studied parameters (p < 0.05) were noted in the drying step rather than in the salting step. After processing, Bottarga was characterized by a pH value of 5.46 (CV = 2.8) and a moisture content of 25% (CV = 8), whereas the typical per cent amounts of proteins, fat and NaCl, calculated as a percentage on the dried weight, were 56 (CV = 2), 34 (CV = 3) and 3.6 (CV = 17), respectively. The physical chemical changes of the roes during the manufacturing process were consistent for moisture, which decreased by 28%, whereas the protein and the fat contents on the dried weight got respectively lower of 3% and 2%. NaCl content increased by 3.1%. Principal Component Analyses (PCA) were also performed on all data to establish trends and relationships among all parameters. Hardness and consistency of Bottarga were negatively correlated with the moisture content ( r = −0.87 and r = −0.88, respectively), while its adhesiveness was negatively correlated with the fat content ( r = −0.68). [ABSTRACT FROM AUTHOR]