This study focused on the anti-oxidative and collagenase- and elastase inhibition effects of low molecular weight peptides (LMP) from commercial Jeju horse leg bone hydrolysates (JHLB) on pancreatin, via enzymatic hydrolysis. Cell viability of dermal fibroblasts exposed to UVB radiation upon treatment with LMP from JHLB was evaluated. Determination of the antioxidant activity of various concentrations of LMP from JHLB were carried out by assessing 1,1-diphenyl-2-picrylhydrazyl (DPPH) and 2,2-azino-bis-3-ethybenzothiazoline-6-sulphonic acid (ABTS) radical scavenging activity, ferric reducing antioxidant power (FRAP), and oxygen radical absorbance capacity (ORAC). The DPPH radical scavenging activity of LMP from JHLB (20 mg/mL) was 92.21% and ABTS radical scavenging activity (15 mg/mL) was 99.50%. FRAP activity (30 mg/mL) was 364.72 μM/TE and ORAC activity (1 mg/mL) was 101.85 μM/TE. The anti-wrinkle potential was assessed by evaluating the elastase- and collagenase inhibition potential of these LMP. We found that 200 mg/mL of LMP from JHLB inhibited elastase activity by 41.32%, and 100 mg/mL of LMP from JHLB inhibited collagenase activity by 91.32%. The cell viability of untreated HS68 human dermal fibroblasts was 45% when exposed to a UVB radiation dose of 100 mJ/cm2. After 24 h of incubation with 500 μg/mL LMP from JHLB, the cell viability increased to 60%. These results indicate that LMP from JHLB has potential utility as an anti-oxidant and anti-wrinkle agent in the food and cosmetic industry. Additional in vivo tests should be carried out to further characterize these potential benefits.