A aquatic formula composed of 70% squid skin hydrolysates and 30% Ulva sugar solution (V/V) were extracted from squid (Dosidicus gigas) skins and Ulva lactuca, respectively. The current study was conducted in order to evaluate the neuroprotective effects of aquatic formula with highly antioxidant properties on hydrogen peroxide (H2O2)-induced oxidative damage. In vitro data demonstrated that there was no cytotoxic effect on human neuroblastoma cells (SH-SY5Y) when using 1.25, 2.5, and 5 mg/ml of the aquatic formula by the MTT assays. The aquatic formula in this study was also able to protect SH-SY5Y cells from H2O2-induced oxidative damage by increasing the intracellular antioxidant enzymes (including superoxide dismutase, catalase, and glutathione peroxidase) and lowering the total amount of reactive oxygen species (ROS). The aquatic formula possessed dual antioxidant activities and neuron protective abilities, which could be capable of protecting SH-SY5Y cells against H2O2-induced oxidative damage. Thus, aquatic formula may have the potential to be developed into nutraceutics for some neurodegenerative diseases.