Royal jelly is rich in nutrients and exhibits high protein content; it serves as an important source of bioactive peptides. To explore the effects of different enzymatic hydrolysis methods on the antioxidant and hypoglycemic activities of royal jelly proteins, royal jelly was first subjected to crude protein extraction using the ammonium sulfate precipitation method, followed by different methods of enzymatic hydrolysis (pepsin, trypsin, pepsin+trypsin) to prepare water-extracted water-soluble polysaccharide (W-WSP), enzyme-assisted extracted water-soluble polysaccharide (Y-WSP), and combined water- and enzymeassisted extracted water-soluble polysaccharide (WY-WSP) enzymatic crude extracts. Using unhydrolyzed crude protein as the control, the hydroxyl radical scavenging rate; 2,2-diphenyl-1-picrylhydrazyl (DPPH) free radical scavenging rate; and α-glucosidase inhibition rate were used as indicators to assess differences in antioxidant and hypoglycemic activities. The thermal and acid-base stabilities of these bioactivities were evaluated under different temperatures and pH values. The results showed that the three crude extracts were non-cytotoxic. Among them, the WY-WSP enzymatic crude extract exhibited superior antioxidant and α-glucosidase inhibitory activities, with hydroxyl and DPPH radical scavenging rates of 48.54% and 41.59%, respectively, and an α-glucosidase inhibition rate of 50.75%. The WY-WSP enzymatic crude extract also exhibited thermal and acid-base stability. Under the same conditions, it exhibited superior hydroxyl radical and DPPH radical scavenging rates, an elevated α-glucosidase inhibition rate, and improved stability. These findings provide a theoretical basis for the high-value utilization and product development of royal jelly.