Abstract: In this study, we examined the chemical and physicochemical properties of tilapia (Oreochromis niloticus) fish protein hydrolysate and concentrate. Fresh Minced Meat Hydrolysate (FMMH) and Hot Water Dip Hydrolysate (HWDH) were hydrolyzed by using commercial protease Alcalase 2.4 L, with an estimated Degree of Hydrolysis (DH) 23.40 and 25.43%, respectively, exhibiting superior physico-functional properties over concentrates (p<0.05). Maximum solubility of 90 and 82% at pH 11.0 above, with a U shaped solubility curves. Furthermore, HWDH has the highest bulk density (0.53 g mL-1). In vitro protein digestibility (93.20%) and a good foaming stability. The hydrolysates were light yellow in color as influenced by the hydrolysis process and Scanning Electron Microscopy (SEM) showed a smoother microstructure than the concentrate. The molecular weight ranged below 8,000 and 8,000 Da above and the essential amino acids were above the amounts recommended by the Food and Agricultural Organization/World Health Organization (2007) for humans. However, Fish Protein Concentrates (FPC) had higher mineral elements and ash content than fish protein hydrolyzates (FPH) (p<0.05). The HWDC possessed the highest differential scanning calorimetry result (peak temperature of 59.13°C, delta H = 195.564 J g-1), while FMMC had the lowest (peak temperature 52.84°C, delta H = 11.0480 J g-1), respectively.