In this study, dried oyster was hydrolyzed by using animal protein hydrolase and flavorzyme to prepare nutritious hydrolysate, which was designed to provide guidance for the high valuable utilization of dried oyster. Firstly, with degree of hydrolysis as the experimental index, the enzymatic hydrolysis single factor and orthogonal optimization experiments were carried out. The results showed that the optimal hydrolysis process combination were the enzymolysis time of 5 h, the ratio of material to liquid of 1∶15 (g/mL), and the total enzyme amount of 3%. Under these conditions, the degree of hydrolysis of dried oyster protein was 33.7%, the protein recovery rate was 78.75%, and the total amount of amino acids in the hydrolysate was 3 662.53 mg/100 mL, of which the essential amino acid content was 38.93%. Secondly, in vitro antioxidant activity of oyster protein hydrolysate was evaluated. The results showed that the DPPH· scavenging capacity of the dried oyster protein hydrolysate was IC₅₀=5.95 mg/mL, and the ABTS free radical scavenging capacity was IC₅₀=10.8 mg/mL. The scavenging ability of hydroxyl radicals was IC₅₀=14.56 mg/mL.