Abstract Whey is well-known for the functional and bioactive properties of its proteins and peptides, which are of great interest to food and nutraceutical industries. The aim of this study was to investigate the effect of four different commercial proteases (Novo ProD® (NPD), Alcalase® (ALC), Pancreas Trypsin® (TRY), and Flavourzyme® (FLA)) in the generation of hydrolysates with emulsifying and antioxidant activities. Hydrolysis processes were carried out for 5 h, reaching maximum degrees of 18.5, 15.5, 9.2, and 8.7% for NPD, ALC, TRY, and FLA, respectively. All tested enzymes generated very diverse, but conservative peptide profiles when comparing the treatments along the time, with the main enzymatic actions up to 120 min-reaction. An increase in the in vitro antioxidant activity was found for all treatments, achieving 46%, 40%, 40% and 22% for ALC, TRY, NDP and FLA, respectively. TRY hydrolysate maintained or slightly increased its emulsifying capacity along the time, however, a decrease in emulsifying capacity was found for ALC and NPD hydrolysates when compared to the non-hydrolyzed whey protein concentrate (WPC). All tested enzymes generated hydrolysates with enhanced antioxidant and/or emulsifying activities, which may be used as food ingredients and the choice of the enzyme will depend on the need.