The purpose of this study was to obtain a fraction with high antioxidative activity from second rockfish gelatin hydrolysates (SRSGHs), which were hydrolyzed with Alcalase and Flavourzyme through ultrafiltration membranes with serial digestions for 1 and 2 h, respectively, and to investigate the feasibility of this fraction as a potential functional food ingredient. Among various fractions that were ultrafiltered from the SRSGH with four types of membrane (1, 5, 10, and 30 kDa), the SRSGH-III fraction, which permeated the 10 kDa membrane but not the 5 kDa membrane, showed the highest antioxidant activity (protection factor=5.13) and angiotensin-I-converting enzyme-inhibiting activity ($IC_{50}$=0.82 mg/mL). These results suggest that the SRSGH-III fraction from the SRSGH can be used as a functional food ingredient. However, further studies examining its antioxidant activity in vivo as well as the different antioxidant mechanisms are needed.