Shrimp processing byproducts (SPB) was digested by 6 proteases (trypsin, pepsin, neutrase, Protamex, Flavourzyme, and Alcalase) to produce antioxidative peptides. Both degree of hydrolysis (DH) and DPPH radical scavenging activity (DSA) of the Alcalase hydrolysate were the highest of all. The effect of defatting on DH and DSA of the Alcalase hydrolysate was significant. The DH decreased while the DSA increased after defatting of the byproducts. The antioxidative activity of Alcalase hydrolysate was also investigated using several in vitro assays, including DPPH, ABTS radical scavenging assays (ASA), reducing power assay, and chelating activity. The antioxidative activity of the hydrolysate was obviously concentration dependent. The SPB Alcalase hydrolysate exhibited notable DSA and ASA with the $IC_{50}$ values of 500 and 7.4 ${mu}g/mL$, respectively. And the hydrolysate showed 38.9% chelating activity at 120 ${mu}g/mL$ level. The SPB Alcalase hydrolysate was a potential source of natural antioxidants.