The investigation determined the influence of Lactobacillus helveticus strains (T80, T105, B734 and DSMZ 20075) and Lactobacillus acidophilus La-05 (probiotic strain) on the antioxidant activity of whey and milk protein preparations. In order to indicate possible mechanism of antioxidant activity of the obtained hydrolysates, the reducing power (RP) assay, ability to neutralize free radicals and Fe2+ chelating activity analysis were employed. The results suggest that antioxidant activity of tested hydrolysates depends on the type of protein preparation (substrate) and the applied bacterial strain. The strongest antioxidant activity was exhibited by whey protein isolate hydrolysate obtained by using L. helveticus T80. A majority of fermented products obtained with the use of the probiotic strain were characterized by higher antioxidant properties than those obtained by application of L. helveticus. The solution of caseinoglicomacropeptide fermented by strain T105 exhibited the highest RP values, while α-lactalbumin hydrolysed by probiotic strain (La-5) was characterized by the strongest Fe2+ chelating activity. The analysed protein preparations and their hydrolysates obtained with using tested bacteria might potentially be applied in food products in order to inhibit oxidation processes.