Effect of air velocities, stepwise in-bag ageing and ageing time on the oxidative stability, proteolysis and digestibility of fresh and long-term frozen-stored dry-aged lean beef were studied. Increased air velocities and stepwise ageing regime had no effect (P > 0.05) on dry-aged beef lipid and protein oxidative stabilities and proteolysis pattern compared to control straight-dry-ageing. TBARS, protein carbonyl and free amino acids (FAAs) increased (P > 0.05) with ageing time. In-bag dry-ageing of beef improved its lipids and protein oxidative stability during long-term frozen storage compared to unaged beef. Improvement in beef protein digestibility was observed through increased release of FAAs and appearance of small protein fragments from SDS-PAGE in dry-aged samples compared to the unaged. The high lipid and protein oxidative stability of long-term frozen lean beef produced using stepwise in-bag ageing process suggest potential for the process to be used for producing dry-aged meat for export.