Schizochytrium　meal　protein　(SMP)　extracted　from　Schizochytrium　meal　was　hydrolyzed　by　flavourzyme.　Response　surface　methodology　(RSM)　was　used　to　optimize　the　extraction　conditions　for　the　protein　extraction　yield　from　Schizochytrium　meal.　1,1-Diphenyl-2-picrylhydrazyl　(DPPH)　radical　scavenging　activity　(DRSA)　was　used　to　evaluate　the　antioxidant　activity　of　hydrolysates.　The　orthogonal　test　was　used　to　investigate　the　effects　of　three　independent　variables,　namely　protease　dosage,　hydrolysis　time,　and　pH.　The　optimum　conditions　obtained　were　as　follows:　protease　dosage　of　7%,　hydrolysis　time　of　1.5　h,　pH　of　6,　under　which,　DRSA　at　the　concentration　of　2　mg/mL　was　89.38%.　Aspartic　and　glutamic　acid　constituted　approximately　26.32%　of　the　total　amino　acids,　and　glutamic　acid　was　the　most　abundant　amino　acid　of　Schizochytrium　meal　protein　hydrolysate　(SMPH)　by　amino　acid　composition　analysis,　which　may　have　contributed　to　the　scavenging　activity　of　SMPH.　Moreover,　SMPH　was　made　into　chewable　tablets　with　suitable　formula　and　high　humidity　stability.　These　findings　indicate　that　Schizochytrium　meal　can　be　reused　as　a　raw　material　for　preparation　of　antioxidant　peptides.