${eta}$-Glucan type oligomers which have angiotensin I converting enzyme (ACE) inhibitory activity were isolated and characterized from Capsosiphon fulvescens. After C. fulvescens was hydrolysis with Alcalase at $50^{circ}C$, supernatant was harvested and separated with ultrafiltration membrane (MWCO 2 kDa). Oligomers which were less than 2 kDa of molecular weight were harvested for characterization. The nutrient composition of Alcalase hydrolysate was 89.9% carbohydrate, 4.2% protein and 5.9% sulfate. After ultrafiltration, the nutrient composition of oligomers was changed to 99.88% carbohydrate, 0.07% protein and 0.05% sulfate. The carbohydrate composition of oligomer was glucose (97.2%) and mannose (1.5%). The ACE inhibitory activities of Alcalase hydrolysate and oligomer were 72.1% and 82%, respectively. The molecular weight of oligomer was about 1 kDa. The oligomer was analyzed with FT-IR, $^1H$-NMR and methylation. The oligomers were ${eta}$-1,3-glucans with ${eta}$-(1,3)-linked glucose units.