This study was investigated the effects of six proteases (papain, compound proteinase, acidic protease, neutrase, pancreatin, and alcalase) on the lipid yield and quality of krill oil. The result shown that the krill oil extracted by alcalase and compound proteinase led to comparatively higher lipid yields (5.29% and 4.90%, respectively), Content of tocopherols and vitamin A, the content of omega‐3 polyunsaturated fatty acids (PUFAs) and phospholipids extracted by alcalase was relatively higher. Control and alcalase had comparatively higher concentration of astaxanthin. On the whole, compared with the extraction of solvent, enzymatic hydrolysis could improve the quality and the lipid yield of krill oil. Therefore, enzymatic hydrolysis could be used as a better method to extract krill oil.