This study aimed to isolate and characterize pepsin-solubilized collagen (PSC) from marine and freshwater fish swim bladders. The physicochemical properties, protein pattern, amino acid composition, structure, thermal denaturation temperature, and antioxidant activity of PSC from four different swim bladder sources were investigated and compared. The results demonstrated that the four types of collagen extracted were all type I collagen. The yield of PSC extracted from grass carp (GCSB-PSC), bighead carp (BCSB-PSC), grouper (GSB-PSC), and monkfish swim bladders (MSB-PSC) were 38.98, 27.97, 18.16, and 10.35%, respectively. Compared to the other three PSCs, BCSB-PSC has the highest thermal denaturation temperature (38.60 °C). Based on FTIR spectroscopy and circular dichroism (CD) analysis, the extracted PSCs retained the triple helix and secondary structure well. Antioxidant studies showed that in the swim bladders of four species the swim bladder PSC could scavenge DPPH and ABTS radicals. Overall, swim bladders from marine and freshwater fish can be utilized as raw materials for collagen extraction, and the extracted collagen has potential commercial applications.