Molecular sensory science and alcoholic gastric ulcer model were employed to explore the quality and gastroprotection of different fermented oyster products. The fermented oyster hydrolysates (OYF) were rich in amino acids and fatty acids. Lysine, leucine, and valine increased after fermentation, while UFAs exhibited a downward trend. The structure of different fermented oyster products was evaluated by FT-IR and UV, which were mainly manifested in the changes of protein and lipid. “Grass,” “acidic,” “milky,” “fishy,” and “metallic” were identified as the key sensory attributes. Forty-five volatiles were identified by gas chromatography-mass spectrometry. 4-Hexen-1-ol, hexanoic acid, 2-pentenyl-furan, and acetic acid contributed for the aroma profile after fermentation. Moreover, OYF could alleviate oxidative stress, reduce the expression of pro-inflammatory cytokines (TNF-α, IL-β, and NF-κB protein) and increase defense factors. The research demonstrates the relation of quality and bioactivities in OYF and provides a reference for the intensive processing of oyster industry.