To use aquatic by-product effectively， obtain more valuable bioactive component from them. Abalone gonad， scallop skirt， tilapia skin， and sea cucumber roe were used as substrate material， taking soybean powder the typical substrate of Bacillus natto as a control. All these substrate was inoculated with Bacillus natto and liquid fermentation were conducted. Fibrinolysin activity， soluble protein content (SPC)， trichloroacetic acid-soluble oligo-peptide (TCASOP)， anticoagulation activity， angiotensin converting enzyme (ACE) inhibitory activity were measured to evaluate if the above fishery by-product was fit for function food preparation by Bacillus natto fermentation. Results showed that the peak fibrinolysin activity of soybean powder and tilapia skin was almost equal and highest， up to 5 760 FU/mL. Bacillus natto could transform insoluble protein into soluble. The most significant and stable increase in SPC was the fermentation product of sea cucumber roe， with a peak content of 8.63 mg/mL. TCASOP content of the above five material at 0 h was lower than 1 mg/mL， but increased to a peak level of 4.69-7.87 mg/mL in each fermentation respectively， with the highest level occurred in tilapia skin. At 0 h， anticoagulation activity of abalone gonad showed a strongest effect， prolonged TT， PT， ATPP significantly， but decreased along with the ongoing fermentation. Fermentation of sea cucumber roe and tilapia skin also showed increased anticoagulation activity. During 36-60 h， the fermentation of all the five material showed ACE inhibitory activity， and a highest and stable activity observed in soybean powder. But the activity of scallop skirt was equal to that of soybean powder after 36 h， and a high activity was up to 94.66%. Above results demonstrate that， four fishery by-product each and its fermentation output by Bacillus natto has specific property in the aspect of fibrinolytic， anticoagulant and ACE inhibitory activity. They could be combined applied in developing relevant functional food.