Bioactive peptides can be obtained from plant, animal or marine sources. Bioactive peptides possess diverse biological activities such as antihypertension, antioxidant, antithrombosis, cholesterol-lowering, blood pressure-lowering, antibacterial, immune regulation, cell regulation, and mineral-binding properties. How to improve the conversion rate of proteins to peptides is always one of the difficulties in the research field of peptide. Ultra-high pressure technology is a novel non-thermal physical processing technology suitable for large-scale production, which has been widely used to the structural and functional characteristics of proteins, as well as the extraction and production efficiency of bioactive peptides. This review paper mainly focuses on the application of ultra-high pressure technology in protein modification and peptide preparation. The types, sources and biological activities of bioactive peptides prepared by ultra-high pressure technology are also summarized.