Enzymatic extracts from Porphyra tenera were prepared using 4 proteases (Protamex, Neutrase, Flavourzyme, and Alcalase) and 7 carbohydrases (AMG, Celluclast, Dextrozyme, Maltogenase, Termamyl, Promozyme, and Viscozyme), and biological activities of the enzymatic extracts from P. tenera were determined as antioxidant, anti-acetylcholinestrase (AChE), and anti-inflammation. The Alcalase and Maltogenase extracts showed higher 1,1-diphenyl-2-picrylhydrozyl (DPPH) scavenging activities compared to the other extracts. At the 2.5 mg/mL, 94.38% (Alacalase extracts), and 80.13% (Maltogenase extracts) scavenging capacities were observed. The Alcalase and Maltogenase extracts were also showed strong reducing power, ferrous ion chelating, and hydrogen peroxide ($H_2O_2$) scavenging capacities. In addition, 2 enzymatic extracts effectively protected hydroxyl radical-induced DNA damage. In the case of AChE inhibition, the Flavourzyme (99.32% inhibition) and Viscozyme extracts (82.68% inhibition) were observed. All enzymatic extracts showed no cytotoxicity in RAW264.7 macrophages, and all enzymatic extracts effectively inhibited lipopolysaccharides (LPS)-induced nitric oxide (NO) production in RAW264.7 macrophages. These results suggest that the enzymatic extracts from P. tenera would be useful as an ingredient for functional foods.