The fish skin gelatin hydrolysates were produced using a continuous two-stage membrane (MWCO 10,000, MWCO 5,000) reactor, and molecular weights, amino acids and functional properties of the hydrolysates were investigated. The major molecular weights distribution of the major fractions were $8{sim}10;KDa$ and $4.5{sim}6.5;KDa$ in the 1st-step hydrolysates, $2{sim}6;KDa$ and $0.5{sim}2;KDa$ in the 2nd-step hydrolysates. Among the amino acids in the hydrolysates, glycine, proline, serine, alanine, hydroxyproline, glutamic acid and aspartic acid having sweet taste were responsible for $68{sim}72%$ of the total amino acids. But valine, methionine, isoleucine, leucine, phenylalanine and histidine having a bitter taste were only $23{sim}25%$ Taste evaluations show that the gelatin hydrolysates have a brothy and sweet taste, 2nd-step hydrolysate have more a favorable taste than 1st-step hydrolysate. The hydrolysates were completely soluble and clear over the entire pH range. Moisture sorption at intermediate water activities of the 2nd-step hydrolysate was much higher than the unmodified fish skin gelatin, but foaming and emulsification properties were poor. Buffer capacity of the 2nd-step hydrolysate was higher than the fish skin gelatin and 1st-step hydrolysate, while viscosities of the hydrolysates were lower than the fish skin gelatin.