Abstract: Fish viscera are one of the main by-products of fish processing, and often considered a low value resource, so they are mostly discarded. Fish viscera contain high levels of protein, and fish protein hydrolysates (FPH) have functional activities such as antioxidant, hypoglycemic, anti-inflammatory, and blood pressure reduction, and can be used as a potential functional ingredient and food additive. This paper reviews the research status of the preparation process and physiological activity of the hydrolysates of fish viscera protein in order to provide reference for the deep processing and utilization of fish viscera.