Ligia exotica are common crustacean around the coast in Taiwan; and some of them are used as baits for fishing. In order to complete the utilization and to increase its added-value, the edible safety and functional properties of cultured Ligia exotica and its hydrolysate were evaluated. Results showed that crude protein was the mainly composition and accounts for 55.3% on a dry weight basis. Glycine, alanine, taurine, glutamic acid, and arginine were the predominant free amino acids. Hydrolysate of cultured Ligia exotica which were hydrolyzed by two mixed proteases contained 83.6 ~ 89.5% peptides with the molecular weight less than 1500 Da. The concentration of scavenging 50% of radical activity (IC50) in hydrolysate on the Fe2+ chelating activity and reducing power were 0.3 ~ 0.7 mg/mL and 10.1 ~ 10.6 mg/mL, respectively. In addition, Ligia exotica and its hydrolysate possessed anticoagulant ability, and hydrolysate showed the dose-dependent effect. The anticoagulant activity of hydrolysate at a concentration of 40 mg/mL was close to that of heparin at 30 mg/mL, while the critical value of blood coagulation at APTT in both were greater than 100 sec. Based on the Ames and acute toxicity animal model test, Ligia exotica and its hydrolysates might be edible safety. Results indicated that hydrolysate of cultured Ligia exotica could be a suitable source for antioxidant and anticoagulant agents and use as healthy food.