The effects of probiotic bacteria on the functional properties of squid by-products were investigated during fermentation. Bifidobacterium longum, Lactobacillus acidophilus, Lactobacillus brevis, Lactobacillus casei, Lactobacillus paracasei, Lactobacillus rhamnosus, and Pediococcus acidilactici were used to ferment the squid by-products for 96 hr at $37^{circ}C$. The numbers of all probiotics increased to $10^7-10^8$ CFU/g after 96 hr fermentation. No substantial pH changes were observed. L. rhamnosus and P. acidilactici showed the highest 2,2-diphenyl-1-picrylhydrazyl (DPPH) scavenging activities. Interleukin-6 (IL-6) and tumor necrosis $factor-{alpha}$ ($TNF-{alpha}$) secreted from B cells increased after adding the extracts of probiotic-fermented squid by-products. The human NK cells were grown well in the B cell-growing broth cultured with the extracts of squid by-products fermented by L. rhamnosus and P. acidilactici. Trimethylamine (TMA) and dimethylamine (DMA) contents were significantly decreased after probiotic-fermentation. Therefore, L. rhamnosus GG and P. acidilactici can be used for the fermentation of squid by-products and their use would provide benefits in functional food products.