Supercritical carbon dioxide extraction was investigated for removal of cholesterol and lipid components from dried egg yolk. Four different combinations of pressure and temperature were used including 163 atm/40°C, 238 atm/45°C, 306 atm/45°C and 374 atm/55°C. As temperature and pressure were increased, more lipids and cholesterol were removed. Extraction at 306 atm/45°C or 374 atm/55°C removed approximately two‐thirds of the cholesterol. Phospholipids and protein were concentrated under the supercritical extraction conditions used. Sponge cake volume was significantly (P < 0.05) improved at extraction conditions of 163 atm/40°C, 238 atm/45°C and 306 atm/45°C, which may have been due to higher phospholipid and protein concentrations. Only extraction at 374 atm/55°C significantly (P < 0.05) impaired emulsion stability of egg yolk. Copyright © 1990, Wiley Blackwell. All rights reserved