In this study, sea bass collagen peptide (SBCP) solution was fractionated using ultrafiltration membranes with different molecular weight cutoffs (Mw COs). The enzymatic hydrolysis of collagen peptide extracted from sea bass processing byproducts yielded collagen peptide solution, which was separated into three components with different molecular weights (Mw s): SBCP1 (Mw < 2000 u), SBCP2 (2000 u < Mw <3 000 u), and SBCP3 (Mw > 3000 u). The water absorption capacity, water holding capacity, solubility, oil absorption, emulsifying properties, emulsion stability, foaming properties, and foaming stability of those components were also compared. SBCP1 showed the highest water absorption capacity and solubility; SBCP3 had the highest water holding capacity, emulsifying properties, emulsion stability, foaming properties, and foam stability; SBCP2 showed the highest capacity for oil absorption. This result suggested that there was a significant difference in physicochemical characteristics among components of SBCP with different Mw s and that the functional properties were closely related to the Mw distribution. This study provides guidance for the development and application of SBCP products.