Fish proteins isolated from by-products or low commercial / underutilized species using pH-shift process is a new source of proteins that may be used as wet or dried ingredients to develop value-added convenience foods. This paper reports the effects of freeze-drying on characteristics of fish protein isolates (FPI) from saithe (Pollachius virens) with or without lyoprotectants. Freeze-dried saithe mince from the same lot and without additives was used as a control. The resulting fish protein powders contained 71-93% protein, 1.5-3% moisture, 0-21% carbohydrate and 0.5-2% fat. Lipid oxidation (assessed by TBARS) of FPI powder groups was higher than that of fish mince powder. The results revealed that oxidation started during the pH-shift process and was increased by freeze-drying. Functional properties and sensory attributes were influenced by the advanced oxidation. However, the mince powder was less oxidized and had higher functional properties such as water binding capacity, gel forming ability, emulsification, foaming properties and color and lower sensory scores for rancid odor and flavor than the FPI powders. Further studies on how to prevent oxidation of fish flesh during pH-shift and drying processes are recommended.