The physicochemical properties and hepatoprotective effects of fish scales peptides (FSP) and the glycated peptides conjugated with xylose via Maillard reaction (FSP-MRPs) were investigated. Results showed that the FSP was rich in oligopeptides within 2–10 amino acids, the degree of grafting of FSP-MRPs was 52.97 ± 1.58% and the antioxidant activities in vitro of FSP were improved through Maillard reaction. In order to investigate the antioxidant activities of FSP-MRPs after digestion, the simulated gastrointestinal digestion experiments of FSP and FSP-MRPs in vitro were conducted. Results indicated that the antioxidant activities of FSP and FSP-MRPs remained as stronger as before even under the digestive conditions. Furthermore, FSP-MRPs could significantly reduce the elevated activities of serum aspartate aminotransferase and alanine aminotransferase, decrease the elevated the levels of hepatic malondialdehyde and triglyceride, and inhibit the decrease of hepatic superoxide dismutase, catalase and glutathione peroxidase caused by alcohol-induced liver damage. These findings suggest that the glycated peptides formed by FSP and xylose via Maillard reaction may be potential to be exploited as a potential functional ingredient in food industry.