The present invention refers to a process for reducing the amount of undesired components in an oil composition, particularly in an oil composition comprising omega-3 polyunsaturated fatty acids. The process of the present invention provides efficient removal of undesired water-soluble (hydrophilic) components and undesired fat-soluble (lipophilic) components from an oil composition in order to obtain a purified concentrate, e.g. a highly purified concentrate enriched in omega-3 polyunsaturated fatty acids.