Proessing conditions for fermented and dried sauces with the underutilized fishes were investigated. Hair tail, gizzard shad, and kangdale were hydrolyzed at $60^{circ}C$ for 6 hours using $4\%$ Alcalase, and their hydrolysates were separted by molecularporous membrane. The hydrolytic ratios of hair tail, gizzard shad, and kangdale were estimated to be $84.2\%$, $83.6\%$ and $85.1\%$, respectively. Amino nitrogen recoveries were determind to be $73.1~73.9\%$ by a membrane with molecular weight cutoff 100 dalton and $91.7~92.5\%$ by a membrane with 500 dalton. Ultrafiltration was very efficient means for removing bitter taste. With the additions of $2\%$ glucose, $4\%$ lactose and $4\%$ skim milk, product yields of hair tail, gizzard shad, and kangdale were determind to be $16.4\%,;17.2\%$ and $17.0\%$, respectively. Water adsorption rates of hair tail and kangdale showed $5.0~9.2\%$ and $5.5~9.6\%$, respectively, under Aw 0.52$~$0.94. Contents of total nitrogen in the fermented and dried sauces prepared with hair tail, gizzard shad and kangdale were $3.9\%,;4.1\%$ and $3.7\%$, respectively, and those of amino nitrogen were $3.2\%,;3.4\%$ and $3.1\%$, respectively. In the fermented and dried sauces prapared with hair tail, gizzard shad and kangdale, the hygroscopities at Aw 0.88 were $6.9\%,;7.5\%$ and $6.8\%$, respectively, and solubilities under dissolved in water for 30 minutes were $84.6\%,;83.6\%$ and $93.8\%$, respectively.