For the improvement on the quality and functionality of red tanner crab cooking drip, the preparation of hydrolysates from red crab cooking drip using commercial enzymes (Alcalase, Flavourzyme, Neutrase and Protamex) was attempted and its taste, nutritional and functional characteristics were also investigated. According to the results of heavy metal contents and proximate composition, red tanner crab cooking drip (RTCCD) could be used as a food resource. From the results of the trichloroacetic acid soluble index (TSI), angiotensin I converting enzyme (ACE) inhibiting activity and antioxidative activity, RTCCD hydrolysates incubated with Alcalase for 2 hrs was superior to the other one-step hydrolysates. There were no differences in the ACE inhibiting activity and antioxidative activity between one-step hydrolysates, which was incubated with Alcalase for 2 hrs, and two-step hydrolysates sequentially incubated with Alcalase and other enzymes. Alcalase-treated hydrolysates was similar in proximate composition and Hunter color value, while high in free amino acid content compared with crab cooking drip. Total amino acid content of Alcalase-treated hydrolysates was 11.9 g/100 mL and the major amino acids were glutamic acid (10.2%), proline (10.1%) and glycine (10.7%).