Abstract: Abalone viscera, a by-product of abalone processing (Accounting for 15%–25% of total abalone mass), is rich in bioactive components such as polysaccharides and polypeptides, but its current utilization rate is low. To improve its comprehensive utilization rate and added value, we used papain perform enzymatic hydrolysis on abalone viscera, optimized the enzymatic hydrolysis conditions through single-factor tests and orthogonal tests, and analyzed the product yield, flavor components, and antioxidant activity of the hydrolysate. The results show that the optimal hydrolysis conditions are as follows: substrate mass concentration of 0.01 g·mL⁻¹, hydrolysis temperature of 55 ℃, enzyme addition amount of 6 000 U·g⁻¹, hydrolysis time of 2 h, and pH of 7. Under these conditions, the yield of soluble enzymatic hydrolysis product reached 22.7%. Gas chromatography-mass spectrometry (GC-MS) analysis identified 71 volatile flavor compounds in the hydrolysate using GC-MS, among which aldehydes (Accounting for 22.5%) were the main flavor substances; analysis of antioxidant activity shows that the abalone viscera enzymatic hydrolysate had significant scavenging capacity against 2,2-bis(4-tert-octylphenyl)-1-picrylhydrazyl (DPPH) radicals, hydroxyl radicals, and 2,2'-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) diammonium salt (ABTS) radicals, with IC₅₀ values of 2.56, 22.77, and 13.19 mg·mL⁻¹, respectively, and the scavenging rate was positively correlated with the concentration. This study can provide a theoretical basis for the comprehensive utilization of abalone by-products.