Córdova-Murueta & García-Carreño, 2002]. Hydrolysates containing low molecular weight peptides are easier to digest and absorb than long polymeric proteins and are widely available in various foods and processed products [Megias et al., 2009]. Peptides produced via enzymatic hydrolysis of food proteins exhibit physicochemical properties that are different from those of the original proteins because of lower molecular weights and exposure of hydrophobic residues caused by changes in the molecular structure, while maintaining physiological activity. Peptides present in food products exert biological control functions and provide nutritional value by supplying amino acids. In addition, peptides have excellent emulsifying properties and desired physical properties, such as gel-forming ability, solubility, viscosity, and emulsion properties, and strong af nity fat, and are thus ideal components of food products, such as sports drinks, dietetic foods, and health supplements [Chalamaiah et al., 2012; Benitez et al., 2008]. Various bioactive peptides have been produced from proteins, and their potential use as a functional food material has been proposed. Therefore, in the present study, PSM protein hydrolysate was prepared via enzymatic degradation, and the peptides from the hydrolysate were fractionated based on the molecular weight using an ultra ltration system. The amino acid composition and physical properties, including solubility, emulsi cation, foaming, oil retention, and water absorption properties, of the protein hydrolysate and peptide fractions were evaluated to serve as the basis for the utilization of PSM as functional ingredients in food products.