Angiotensin I-converting enzyme (ACE) inhibitory peptides, Ala-Pro, Lys-Pro, and Arg-Pro, were isolated from fermented fish sauce. Five other proline-containing dipeptides having weak ACE inhibitory activity were also isolated from the fermented fish sauce. Orally administered Lys-Pro showed a tendency to lower the blood pressure of spontaneously hypertensive rats. As fermented anchovy sauce also stimulated insulin secretion by cultured RINm5F insulinoma cells, the sauce may be useful as a source of biologically active substances.