To develop natural flavoring substances, optimal two stage enzyme hydrolysis conditions and flavor compounds of short-neck clam (Tapes philippinarum) enzyme hydrolysates were examined. The optimal enzyme hydrolysis conditions for two stage enzyme hydrolysate (TSEH) of short-neck clam were revealed in temperature at $55^{circ}C$ for 4 hours digestion with alcalase at the 1st stage and 4 hours digestion at $45^{circ}C$ with exopeptidase type neutrase at the 2nd stage. In quality tests of hot-water extracts, steam extracts and 4 kinds of enzyme hydrolysates, TSEH processing method was superior to other methods in yield, nitrogen contents, organoleptic taste such as umami intensity and inhibition of off-flavor formation, and transparency of extract. Total free amino acid contents in hot-water extract, steam extract and TSEH were 1,352.1 mg/100 g, 1,174.1 mg/100 g and 2,122.4 mg/100 g, respectively, Major free amino acids in TSEH were glutamic acid, glycine, alanine, tyrosine, phenylalanine and arginine. As for nucleotides and other bases, betaine, TMAO and creatinine were principal components in TSEH. The major inorganic ions in TSEH were Na, K, P and Cl. TSEH also revealed very higher angiotensin-I converting enzyme inhibition effect $(70.7\%)$ than those of hot-water and steam extract. We conclude that TSEH from short-neck clam was more flavorable compared with the seasoning materials on the market, it could be utilized as the instant soup base and the seasoning substances for fisheries processing.