Repeated freeze–thaw (FT) cycles can have an impact on surimi quality. In this study, we used 0.02% BHA as a positive control group. We examined the effects of different concentrations (0%, 5%, 10%, and 15%) of whey protein hydrolysate (WPH) on surimi, focusing on alterations in color metrics (L* for brightness, a* for red–green, b* for yellow–blue, and overall whiteness), textural characteristics, and antioxidant capacity during various freeze–thaw (FT) cycles. The results showed that the lipid oxidant values of surimi, as well as its a* and b* values, rose as the number of FT cycles increased; whereas the adhesiveness, resilience, gumminess, and shear force dropped, as did L* and the whiteness values, leading to an overall darkening of color and gloss. By contrast, the study found that the addition of WPH could effectively slow down the decrease of surimi textural stability after repeated freeze–thawing, with the textural stability of the group with 15% WPH being significantly superior to those of the other groups (p < 0.05). Under the same number of cycles, adding 15% WPH to the experimental group could successfully lower total volatile basic nitrogen (TVB-N) and effectively increase the antioxidant activity of surimi. This finding suggested that 15% WPH had the greatest effect on increasing surimi FT stability. To conclude, it was proved that WPH can be added to frozen surimi and improve its quality.