In this work, proteins and peptides were isolated from four kinds of animal bone marrow and characterized by sodium dodecyl sulfate-polyacrylamide gel electrophoresis (SDS-PAGE), Fourier transform infrared spectroscopy (FT-IR), scanning electron microscopy (SEM) and liquid chromatography-mass spectrometry (LC/MS). The antimicrobial and antioxidant activity of these proteins were investigated in vitro. The nutritional value was evaluated by analyzing their free amino acid composition. The results indicates that all of the extracts appeared two bands at SDS-PAGE, the peptide band at 4.1-10 kDa and protein band at 66 kDa, these data are consistent with LC/MS results. FT-IR analysis showed that the secondary structure of protein mainly consists of alpha-helix. SEM micrographs revealed that the fractions have different morphological characteristics. Horse bone marrow protein (HBMP) showed the highest antioxidant activity to DPPH free radical, IC50 value was 0.573 mg/mL. Most of the obtained fractions showed antimicrobial activities towards Escherichia coli (EC) and Candida albicans (CA). Total free amino acid content ranged between 5.15-49.60 mg/g, and among them, HBMP displayed the highest abundance, 49.7 mg/g, which amino acid composition ratio approached the Food and Agriculture Organization/World Health Organization (FAO/WHO) ideal amino acid pattern recommendation. This study provides fundamental knowledge and a basic study method for the research into and development of animal bone marrow proteins and peptides as functional food and drug resources.