Fish protein hydrolysates (FPHs) with different degrees of hydrolysis by treatment with alcalase, pronase, flavourzyme and trypsin and isolated peptide were prepared from Hwangtae (yellow dried pollack, Theragra chalcogramma). Hwangtae protein hydrolysate was fractionated according to the molecular weight into six major types of APO1 (1.3 kDa), APO2 (1 kDa), APO3 (<1 kDa), APACE (<1 kDa), APG1 (70 kDa) and APG2 (70 kDa) isolated from the hydrolysate using consecutive chromatographic methods. Soluble peptide were produced from Hwangtae and evaluated for their nutritional and functional properties. Some functional properties of FPHs were assessed and compared with those of egg albumin or the soybean protein. APO2 had the highest nitrogen solubility value (94.2%), emulsion capacity and emulsion stability of the Alaska Pollack peptide ranged from 12.4 to 39.5 (mL of oil per 200 mg of protein) and 44.0% to 77.5%, respectively. Highest and lowest fat adsorption values were observed for APG1 (9.9 mL of oil per gram of protein) and APO3 (3.8 mL of oil per gram of protein), respectively.