||Freshwater clam muscle protein was hydrolyzed by commercial protease of Prozyme 6 (P6)、Protease N (PN) and Protamex (PX) for 5 hr and then freeze dried. The effects of hot water extract (HWE) and hydrolysates on binding capacity of glycocholic acid, inhibition on cholesterol solubility and inhibition on oxidation of human LDL were investigated. The highest binding capacity of glycocholic acid relative to cholestyramine were HWE (32.3%) and PN (19.5%), respectively. The highest binding capacity of mixed bile acid relative to cholestyramine was HWE (37.1%) and PN (33.6%), respectively, as the dried hydrolysate powders were digested by pepsin for 1h followed by pancreatin for 1h. The inhibitory effect on micellar solubility of cholesterol showed that HWE (74.4%) and PN (69.2%) had better effect. The oxidation lag time was prolonged as increase the concentration of HWE and hydrolysates in the human LDL oxidation induced by Cu2+. From these experimental results, the freshwater clam hydrolysate could be developed to a commercial health food for regulation on serum lipids, and to replace the drug (cholestyramine) used.