Relationship among pH, generation of free amino acids (FAAs), and Maillard browning was investigated in Japanese common squid during air drying at 40 °C to prevent its discoloration. In the surface color measurement, increase in the b* value which is an indicator for Maillard browning of the dried squid was mitigated at pH 4.0-6.0 and accelerated at pH 7.5-9.0. Adjusting the pH to 5.5 effectively suppressed increasing of the b* value (p < 0.05). Arginine (Arg) generation involved in the Maillard reaction, was inhibited in the dried squid at pH 5.5 (p < 0.05). Maillard reactivities between ribose and amino acids were lower at pH 4.0 than at pH 5.5 (p < 0.05). These results indicate that browning of the dried squid is significantly suppressed at pH 5.5. Moreover, suppression of Arg generation is more effective than weakening of Maillard reactivity between ribose and Arg, in mitigating Maillard browning of the dried squid at an acidic pH.