Lyophylized　antler　powder　was　hydrolyzed　by　pepsin　and　trypsin　separately　and　also　simultaneously　to　give　hydrolysates　widi　special　physical　activities.　Complete　hydrolysis　peptides　with　MW　lower　dian　1　×　103　were　collected　for　assay　of　angiotensin　Iconverting　enzyme　(ACE)　inhibitory　activity,　antioxidant　activity　and　proliferative　activity　toward　UMR-106　osteoblast　cells.　The　results　of　the　experiments　revealed　that　all　hydrolysates　exhibited　potent　hydroxyl　radical　scavenging　activity　with　an　IC50　value　less　than　1　mg/ml　which　was　much　lower　than　the　value　of　5.　5　g　·　L　-1　for　vitamin　C.　The　peptic　and　peptic　tryptic　hydrolysates　demonstrated　strong　angiotensin　I-converting　enzyme　(ACE)　inhibitory　activity.　The　tryptic　hydrolysate　increased　the　proliferation　of　the　UMR-106　cells　by　73.43%.　The　results　verified　the　traditional　use　of　ander　in　bone-strengthening,　anti-aging.　The　exploratory　studies　on　the　ACE　inhibitory　activity　of　ander　hydrolysates　indicated　that　the　hydrolysates　might　be　potentially　useful　in　prevention　and　treatment　of　hypertension.　Further　purification　of　peptides　contributing　to　the　antioxidant　activity,　angiotensin　I-converting　enzyme-inhibitory　activity　and　proliferative　activity　toward　osteoblasts　from　ander　hydrolysates　is　warranted.