The incubation conditions of wheat germ for angiotensin I-converting enzyme inhibitory activity (ACEI) elevation and peptide accumulation were investigated, and five ACE inhibitory peptides were obtained. The effect of individual factors such as incubation time, temperature, initial pH, and liquid to solid ratio on ACEI and peptide concentration of incubation medium was evaluated, respectively. The combinations of four factors were further optimized using a Box-Behnken design. Under the best incubation condition (pH 4.4 with a liquid to solid ratio 8.14 mL/g at temperature 47 °C, for 7 h), maximum ACEI (92.16%) and peptide concentration (88.12 mg/g) were obtained, which were 6.2- and 2.4-fold, respectively, as compared to the unincubated wheat germ. After they were purified, five ACE inhibitory peptides, VEV, W, NPPSV, QV, and AMY, were identified by liquid chromatography/tandem mass spectrometry. The IC(50) were 115.20, 94.87, 40.56, 26.82, and 5.86 μM, respectively.