PURPOSE: A method of preparing the titled enzyme-hydrolyzed sauce improved in flavor by mixing liquid type salt-fermented anchovy(myeolchi aeckchot, Korean native name), a soy sauce cake and a proteolytic enzyme, hydrolyzing and then concentrating. Therefore, this method utilizes a by-product of agricultural and fishery products which has hitherto been discarded, reduces manufacturing time since no long-term fermentation is need and produces a product which is enriched in nutrients and improved in sensory quality and preservability. CONSTITUTION: A blend of water, an anchovy sauce fermentation residue and a soy sauce cake in a ratio of 4:1:0.5 is added with 0.49% by weight of Flavourzyme as a proteolytic enzyme, based on the raw material substrate and hydrolyzed at 62.5deg.C for 3.55hr and the hydrolysate is added with 4.0% by weight of fructose and 0.5% by weight of Yeast extract K2, 0.05% by weight of MSG and then concentrated at 96deg.C to a Brix from about 4 to 5 degrees.