Natural antioxidants with high safety and long-term effect are subject of many studies because they are an alternative to chemical antioxidants which, in larger quantities, can be toxic. One type of natural antioxidants may be food- derived peptides. The aim of this study was to obtain antioxidant and antimicrobial peptides from egg yolk phosvitin and immunoglobulin Y (IgY) with participation of microbial proteinases from Bacillus amyloliquefaciens (neutrase), B. thermoproteolyticus Rokko (thermolysin), Streptomyces griseus (pronase) and Aspergillus melleus. The progress of hydrolysis was monitored by the degree of hydrolysis (DH) and free amino groups concentration measurement. The resulting hydrolysates were subjected to an assessment of their ability to reduce the oxidation state of metal ions, scavenging of 2,2-di(4-tert-octylphenyl)-1-picrylhydrazyl (DPPH) free radicals and chelating iron ions. The highest degree of hydrolysis of both proteins was obtained during the reaction with proteinase from S. griseus. The highest level of reduction in the oxidation state of iron ions was observed in IgY 24-hour hydrolysates obtained with the participation of enzyme from B. thermoproteolyticus Rokko (409.7 μg Fe²⁺/mg). However, the 24-hour hydrolysates of IgY obtained after degradation with the proteinase from A. melleus, possessed the highest free radical scavenging activity equal to1.46 μM trolox/mg. The highest activity of chelating iron ions, equal to 891.64 µg Fe²⁺/mg, was observed for products obtained during the 24-hour hydrolysis of phosvitin with the participation of protease from B. thermoproteolyticus Rokko.