A study on the optimum hydrolysis conditions of fish skin through the aid of enzymes and the development of a natural seasoning using the hydrolysate has been carried out for the effective utilization of fish skin. Using the "pH-drop" techniques the collagenase and pronase were identified as most suitable for this purpose. The $K_m$ and $V_{max}$ values of pronase were 1.82 mgN/ml and 0.06 mgN/mL/min, respectively. The hydrolysis conditions of the cod skin for the pronase were as follows: reaction temperature, $50^{circ}C$; reaction time, 3hrs; pH 6; enzyme concentration, 0.03%. The degree of hydrolysis at these conditions was 76.8%. But after hydrolyzing cod skin with collagenase for 1hr, when the pronase was treated, the degree of hydrolysis was 83.13%. The molecular weight of the hydrolysate was 8,000 daltons. Among the amino acids in the hydrolysate, glycine(27.95%), glutamic acid(10.94%), proline(7.39%), aspartic acid(9.47%) and serine(7.39%) were responsible for 64.23% of the total amino acids. But valine, methionine, isoleucine, leucine, phenylalanine and histidine having a bitter taste were only 13.05%. From the results of the sensory evaluation, the imitation sauce which was made of 20% fermented soy sauce prepared from the hydrolysate was at least similar to the traditional soybean sauce in product quality. The complex seasoning containing 31.7% of the hydrolysate was nearly equal to complex seasonings on the market, too.