To stop overfishing and meet the protein needs of a growing population, more information is needed on how to use marine by-catches, by-products, and undervalued fish species for human consumption. Turning them into protein powder is a sustainable and marketable way to add value. However, more knowledge of the chemical and sensory properties of commercial fish proteins is needed to identify the challenges in developing fish derivatives. This study aimed to characterize the sensory and chemical properties of commercial fish proteins to compare their suitability for human consumption. Proximate composition, protein, polypeptide and lipid profiles, lipid oxidation, and functional properties were analyzed. The sensory profile was compiled using generic descriptive analysis, and odor-active compounds were identified with gas-chromatography-mass spectrometry-olfactometry (GC-MS/O). Results indicated significant differences in chemical and sensory properties between processing methods but not between fish species. However, the raw material had some influence in the proteins' proximate composition. Bitterness and fishiness were the main perceived off-flavors. All samples, apart from hydrolyzed collagen, had intense flavor and odor. Differences in odor-active compounds supported the sensory evaluation results. The chemical properties revealed that the lipid oxidation, peptide profile, and raw material degradation are likely affecting the sensory properties of commercial fish proteins. Limiting lipid oxidation during processing is crucial for the development of mild-tasting and -smelling products for human consumption.