Functional properties, antioxidant, and angiotensin-I converting enzyme (ACE) inhibitory activities of egg white protein hydrolysate (EWPH) prepared with trypsin at different degree of hydrolysis (DH) were investigated. The DPPH radical scavenging activity, reducing power, lipid peroxidation inhibitory activity, and ACE inhibitory activity increased with DH at first and then decreased gradually. Hydrolysates with 12.4% DH had the highest antioxidant and ACE inhibitory activities. As DH increased, the solubility of EWPH increased while the emulsifying and foaming properties decreased. The functional properties of EWPH were also controlled by pH. Ultrafiltration of the hydrolysate with 12.4% DH revealed that the fractions of molecular weight lower than 3 kDa exhibited the highest antioxidant and ACE inhibitory activities. The results indicated that EWPH with different DH have different bioactive and functional properties and EWPH by controlled hydrolysis may be useful ingredients in food and nutraceutical applications with potential bioactive properties.