Bioactive properties of low molecular weight peptides purified from anchovy sauce fermented in underground at 15$pm$3$^{circ}C$ for 1, 3, and 5 years, respectively, were investigated. The fermented anchovy sauce for 1 year showed 3 peaks on gel permeation chromatography pattern, while 3 and 5 year fermented anchovy sauce showed 4 and 5 peaks, respectively. The longer fermentation period, the lower molecular weight of peptides on gel permeation chromatography pattern. Antioxidative, antitumor, and ACE inhibitory activities of low molecular weight peptides increased as fermentation period increased. Antioxidative and antitumor activities of peptide peak 3 purified from 3 year fermented anchovy sauce were the highest with 34 and 44 $mu extrm{g}$/mL of $IC_{50}$/ values, respectively, while ACE inhibitory activity ($IC_{50}$/, 32 $mu extrm{g}$/mL) of peak 3 purified from 1 year fermented was the highest.