Different proteases can be applied to produce certain bioactive peptides. This study focused on the effects of some commercial proteases and drying processes on the physical, chemical, and biological properties of chicken breast hydrolysates (CBH). Chicken breast hydrolyzed with Alcalase® presented a higher degree of hydrolysis (DH) than papain. Moreover, the treatment with Alcalase®, followed by papain (A-P), was more proficient in producing antioxidant activities than a single enzyme treatment. Conditions comprising 0.63% Alcalase® (w/w) at pH 8.0 and 52.5 °C for 3 h, followed by 0.13% papain (w/w) at pH 6.0 and 37 °C for 3 h, resulted in the highest yields of DH and peptide contents. The spray-dried microencapsulated powder improved the physicochemical properties including moisture content, color measurement, solubility, and particle morphology. In summary, the dual enzyme application involving the hydrolysis of Alcalase® and papain, coupled with the spray-drying process, could be used to produced antioxidant CBH.