The study focused on the extraction of valuable lipid compounds from squid () waste by a low-toxicity solvent mixture (ethanol/acetone, 50:50, /). The effect of the waste weight/solvent volume (WW/SV, g·mL) ratio and the number of extractions (NoE) on the total lipid (TL), phospholipid (PL), and tocopherol yields and on the fatty acid (FA) profile (eicosapentaenoic and docosahexaenoic acid contents; polyunsaturated FAs/saturated FAs and ω3/ω6 ratios) was investigated. As a result, an increased NoE led to an increased ( < 0.05) TL yield but a decreased ( < 0.05) proportion of PLs in the lipid extract. Additionally, a lower ( < 0.05) polyunsaturated FA/saturated FA ratio was detected by increasing the NoE. Some differences ( < 0.05) could be outlined as a result of increasing the WW/SV ratio; however, a definite trend for this extraction condition could not be concluded for any of the lipid parameters measured. Yield results were compared to those obtained by the conventional chloroform/methanol procedure. In order to attain an increased yield, the NoE required would depend on the polarity degree of the lipid molecule concerned. All ethanol/acetone extracting conditions tested led to remarkable yields for lipid compounds (PLs, α-tocopherol, ω3 FAs) and FA ratios with healthy, nutritional, and preserving properties.