Hydrolysates containing angiotensin I-converting enzyme (ACE)-inhibitory peptide were prepared from protein of Alaska pollack skins using alcalase and trypsin. The protein hydrolysate was separated by ultrafiltration, Sephadex G-25 gel filtration chromatography and reversed phase high-performance liquid chromatography (HPLC), from which a novel purified peptide was obtained. Both random coil structure and β-sheet in the purified peptide were revealed in Fourier transform infrared spectrum. The amino sequence of the purified peptide was identified as GPLGVP, VLYPVK, VFLENVLR, and FEEF by HPLC-Q-TOF-MS (HPLC-quadrupole time-of-flight mass spectrometry). The peptide GPLGVP whose molecular weight was 538.31 Da showed the highest ACE inhibitory activity (IC = 105.8 µM). The purified peptide featured a noncompetitive inhibition kinetic mechanism was shown in the Lineweaver-Burk plots and was susceptible to enzymes as indicated in the studies on stability of gastrointestinal proteases. Moreover, the peptide GPLGVP can combine ACE catalytic pocket through hydrogen bonds and other forces with high binding power as disclosed in molecular docking simulation, which provides the inhibitory effect of GPLGVP on ACE.