Abstract: China is rich in fishery resources. In the process of aquatic processing, most of the swim bladders are discarded as waste. It is found that the swim bladders are rich in collagen, which can be extracted after acid, protease and hot water treatment. Small molecular peptides with a variety of physiological activities and functions can be obtained after further hydrolysis of the swim bladder by protease. It is reported that fish swim bladder collagen oligopeptide has the functions of anti-oxidation, anti-aging and anti-fatigue, and fish swim bladder collagen has great potential in food, medicine and other fields. This paper summarizes the preparation and functional activity of fish swim bladder collagen and peptides at domestic and abroad in recent years, in order to provide reference for the future research of fish swim bladder collagen.