Chicken blood is a slaughterhouse by-product rich in protein commonly transformed into blood meal. In this study, the potential of chicken blood meal as a source of protein hydrolysates with interesting properties for the industry was investigated. The hydrolysis performed at 60 °C, pH 8.0 and 5% enzyme-to-substrate ratio with Alcalase® 2.4L for 90 minutes resulted in a DH of 19.3% by the pH-stat method and 22.7% by the OPA assay. A 1:3 (v/v) O/W emulsion prepared with 1% hydrolysate solution had an emulsifying activity index of 74.4 m²/g and an emulsifying stability index of 413.2 min. Microphotographs taken at days 0 and 7 showed that the number of droplets in the emulsion seems to decrease over time due to coalescence. After whipped, the 1% hydrolysate solution had 32% foam capacity and 6% foam stability after one-hour rest. The hydrolysate was found to be an electron donor and metal reducer according to the FRAP assay (6.8 μmol TE/g), but displayed no radical scavenging activity according to the ABTS and DPPH assays. The results suggest that chicken blood meal hydrolysate may be a potential ingredient in the food, pharmaceutical and cosmetic industries.