Hydrolytic peptides of salted and fermented anchovy sauce, and anchovy actomyosin for the development of a rapid fermentation method with conventional tastes and flavors were studied. The optimal temperatures of crude enzymes isolated from anchor, liver and viscera of squid were 55, 40$~$45 and $45~60^{circ}C$, respectively. Crude enzyme isolated from anchovy was more effective on hydrolysis of anchovy actomyosin than that from squid liver and viscera. But the crude enzyme from squid liver was less effective on NaCl than that from anchovy. Three peptides occurred in anchovy actomyosin hydrolyzed with crude enzymes from anchovy and squid liver for 30 min. Their molecular weight were determined by Superdex 200 gel chromatography as 10,800, 5,800 and 2,600 dalton. When anchovy sauce was hydrolyzed with crude enzymes of anchovy, squid liver and viscera, and Protamex during 70 days, ranges of their low molecular weight of hydrolyzed peptides were 300$~$1,000dalton detected by Sephadex G-50 and their major amino acid compositions were glutamic acid, glycine and alanine, which was related with conventional tastes. Those amino acid compositions were similar to those of anchovy sauce hydrolyzed with squid liver, In the case of Protamex treatment, hydrolyzed peptides had high levels of isoleucine and leucine, being associated with the bitter, but a low level of glutamic acid.