The invention provides novel omega-3 oil liquid formulations of fenofibrate. These formulations can be substantially free of any food effect, effective in small volumes, and readily bioavailable. Notably, because the formulations of the invention contain an omega-3 oil as the major ingredient, they not only provide anithypercholesterolemic and antihypertriglyceridemic effects due to the fenofibrate active ingredient, they also provide recommended daily dosages of omega-3 oils (i.e., approximately 1 gram of omega-3 oil per day), or a portion thereof.