Fish protein hydrolysates (FPH) from fresh water carps Catla catla, Labeo rohita and Cirrhinus mrigala were prepared with 5, 10, 15 and 20% degree of hydrolysis (DH) using papain enzyme. FPH were evaluated for antioxidant properties using in vitro assays such as DPPH free radical scavenging activity (at 10mg/ml), ferric reducing antioxidant power assay (at 20mg/ml) and linoleic acid peroxidation inhibition activity (at 10mg/ml). Antioxidant properties of FPH varied with species and DH. The DPPH radical scavenging activity, linoleic acid peroxidation inhibition activity and ferric reducing antioxidant power (as absorbance at 700nm) of FPH from carps was in the range of 59-92%, 52-85% and 0.388-0.663 respectively. Based on the overall antioxidant activity, FPH from C. catla with 20% DH was added to oil sardine mince at different concentration (0.1, 0.2 and 0.4%) and found to inhibit effectively the formation of peroxides and malonaldehyde in dose dependent manner. FPH from C. catla with 20% DH was fractionated using size exclusion chromatography and had three different peptide fractions with the approximate molecular weight of 6561-2106Da (fraction 1), 1942-994Da (fraction 2) and 935-383Da (fraction 3). The present study showed promising results that the fish protein hydrolysates from fresh water carps muscle proteins can be used as natural antioxidants in food system. Production of fish protein hydrolysates with nutraceutical properties could be the way forward for better utilization and value addition.