This study evaluated the protein recovery, functional properties and biological activity of isolate processed water (IPW) generated in the preparation of protein isolates from fish roes (BH, bastard halibut Paralichthys olivaceus; ST, skipjack tuna Katsuwonus pelamis; YT, yellowfin tuna Thunnus albacares) by an isoelectric solubilization and precipitation process. The IPWs contained 2.7-5.4 mg/mL of protein, and the protein losses were 8-21% (P<0.05). The form capacity of IPW-3 for BH and ST, and IPW-4 for YT was 155, 194, and 164%, respectively. The emulsifying activity index ($27-43m^2/g$) of the YT-IPWs was the strongest, followed by ST ($7-29m^2/g$) and BH ($10-19m^2/g$). The 2,2-diphenyl-1-picrylhydrazyl scavenging activities of IPW-1 and -3 were higher than those of IPW-2 and -4. The 2,2'-azino-bis-3-ethylbenzothiazoline-6-sulfonic acid scavenging activity ($IC_{50}$, mg/mL) of IPW-2 and -4 was 0.03 mg/mL for BH, 0.04-0.08 mg/mL for ST, and 0.04-0.07 mg/mL for YT. BH IPW-3 had the strongest reducing power (0.41 mg/mL) and superoxide dismutase-like activity (1.68 mg/mL). The angiotensin-I converting enzyme inhibitory activity of IPW-3 was the highest for ST (1.52 mg/mL), followed by BH and YT. The common predominant amino acids in the IPWs were the essential amino acids Val, Leu, Lys, and Arg and the non-essential amino acids Ser, Glu, and Ala.