Fish viscera have innumerable potential applications being the rich source of digestive enzymes, especially proteases. In order to assess the bio prospecting of fish processing wastes as natural wealth to obtain value added bioactive compounds, the visceral wastes of Carangoides malabaricus were characterized. This study involves the characterization of crude visceral protease extract from C. malabaricus and its potential application as a destainer. The optimum activity and stability of the crude visceral protease was observed at pH 9.0 and 50°C. This alkaline proteolytic crude extract was then tested for its potential application as destainer and it showed better stain removing efficiency. Characterization studies revealed that metal ions like Calcium chloride, surfactants like Tween 20 and SDS, inhibitors like PMSF influenced the activity and stability of the crude Visceral Protease. The present study also inferred that, crude visceral protease enzyme from C. malabaricus along with shrimp shell hydrolysate displayed higher DPPH radical scavenging activity (58.11%), Reducing activity (1.89 mg/ml) and Chelating ability (73.6%). As a whole, this study confirmed possible application of Visceral Protease from C. malabaricus in detergent and pharmaceutical industries.