Lecithin-free egg yolk (LFEY) is a byproduct of the extraction of egg-yolk phospholipids, which contain approximately 46% egg yolk proteins (EYPs) and 48% lipids. The enzymatic proteolysis is the alternative to increase the commercial value of LFEY. The kinetics of proteolysis in full-fat and defatted LFEY with Alcalase 2.4 L was analyzed in terms of the Weibull and Michaelis-Menten models. A product inhibition effect was also studied in the full-fat and defatted substrate hydrolysis. The molecular weight profile of hydrolysates was analyzed by gel filtration chromatography. Results pointed out that the defatting process did not importantly affect the maximum degree of hydrolysis (DHmax) in the reaction but rather the time at which DHmax is attained. The maximum rate of hydrolysis (Vmax) and the Michaelis-Menten constant KM were higher in the hydrolysis of the defatted LFEY. The defatting process might have induced conformational changes in the EYP molecules, and this affected their interaction with the enzyme. Consequently, the enzymatic reaction mechanism of hydrolysis and the molecular weight profile of peptides were influenced by defatting. A product inhibition effect was observed when adding 1% hydrolysates containing peptides lower than 3 kDa at the beginning of the reaction with both substrates.