Peptides obtained from protein hydrolysates, especially those acquired from collagen hydrolysate, have received special attention from researchers due to their inherent bioactivities. Previous studies have reported that these products, which result from the breakdown of collagen from various sources, may have mineral chelating, antioxidant, antihypertensive, antiulcerative, healing and osteoprotective properties as well as properties that improve the absorption/bioavailability of minerals. The objectives of this study were to establish the best conditions for obtaining hydrolysates that contain bioactive peptides with mineral chelating and antioxidant properties. The raw material (chicken comb, wattle, and comb + wattle mixture - 1:1 w/w) was characterized for their moisture, ash, protein, collagen and lipid. Both the comb and wattle showed high protein concentrations (61-83% b.s.) and high proportions of collagen (47-51% b.s.); consequently they are good potential sources of protein hydrolysates. Two protein hydrolyzates were obtained from the comb and wattle mixture using the alcalase enzyme. The first condition of the process was enzyme to substrate (E:S) ratio of 1% and 60 minutes of hydrolysis (DH 7,5%) and second condition of enzyme to substrate (E:S) ratio of 5% and 240 minutes of hydrolysis (DH 19%). The hydrolysates were evaluated for Hydrophobicity profile (reverse phase-HPLC), electrophoresis (SDS-PAGE and tricine-SDS-PAGE), Profile of total and free amino acids and minerals, and antioxidant (ABTS●, DPPH● and FRAP) and Fe2+ chelating capacities. The hydrolysate of the comb and wattle mixture obtained using a ratio of enzyme to substrate of 5% and 240 minutes of hydrolysis showed excellent Fe2+ chelating (>94%) and antioxidant capacities. This hydrolysate reduced Fe3+ (>95 mg/100g equivalent trolox) and inhibited ABTS● (>46%) and DPPH● (>41%) radicals. In view of the results, it can be concluded that the hydrolyzate with the highest degree of hydrolysis showed a higher antioxidant and chelating potential for the iron mineral.