This study aimed to determine the physicochemical properties of undulated surf clam (Paphia undulata) hydrolysate as affected by the degree of hydrolysis (DH). Three levels of DH of undulated surf clam hydrolysate were prepared which were DH 36.57% (without any enzymatic hydrolysis), DH 58.25% (0.5% Alcalase®; 5 min; pH 7.5; 60ºC) and DH 91.26% (1% Alcalase®; 30 min; pH 7.5; 60ºC). After protein hydrolysis, the undulated surf clam hydrolysates were centrifuged, and their supernatants were freeze-dried. This study found that the protein hydrolysate with lower DH (DH 36.57%) gave lower protein content and higher ash and fat contents compared to other samples (DH 58.25% and DH 91.26%). However, the carbohydrate content is similar in all samples (16.56-20.04%). This study also found that foaming properties (29.43-67.50%), emulsifying capacity (11.94-110.52%) and peptide solubility (57.61-94.08%) were affected by the DH. As DH increased, the emulsifying capacity decreased, while peptide solubility increased. While the foaming capacity increased with increasing DH until it reached a maximum value and level off afterwards. For colour parameters, although there were differences between L*, a* and b* values for all three samples, a fluctuating pattern was noted with DH. DH also did not affect the water-holding and oil-holding capacity of undulated surf clam hydrolysate. This study shows that certain physicochemical properties of undulated surf clam hydrolysate can be tailored by adjusting the degree of hydrolysis.