This study was conducted to investigate the physicochemical properties of citrus peel extracts with different hot water extraction and enzymatic hydrolysis conditions. Enzymatic hydrolysis was also employed using Viscozyme L and results were compared with that of optimized hot water extract. Hot water extraction was performed under different parameters; the sample to solvent ratio(1:20, 1:15, 1:10), extraction time(2, 4 hrs), extraction temperature(85, $95^{circ}C$) and enzymatic hydrolysis(0, 1%) and the subsequent extracts were used for determining their physicochemical properties, such as total yield, total phenolics, total flavonoids, and electron donating ability (EDA). With the increase in the sample to solvent ratio and extraction time, total yield, total phenolics, total flavonoids and EDA increased. But extraction temperature did not significantly affect the hot water extract. As hot water extract was hydrolyzed by the enzyme, total yield and active ingredients increased rapidly. In the result of total yield, total phenolics, total flavonoids and EDA, the activity of enzyme-treated extract was higher than those of enzyme-untreated extract. Based upon the overall hot water extraction efficiency, it was found that 20 times volume or 120 min at a time at $95^{circ}C$ after enzyme treatment was optimal.