The present disclosure relates to pharmaceutical field, providing a hydrolyzed chicken sternal cartilage extract, method for producing the same and use thereof. The hydrolyzed chicken sternal cartilage extract has a type II collagen content of ≥;50% and a chondroitin sulfate content of ≥;20%. In China, a huge amount of livestock and poultry are consumed, and the total consumption almost reaches ¼ of the worldwide livestock and poultry consumption. Chicken sternal cartilage is one of the main by-products in broiler chicken processing. In the present disclosure, a hydrolyzed chicken sternal cartilage extract rich in type II collagen and chondroitin sulfate is obtained by using biological enzymatic hydrolysis technique. Experiments results show that the hydrolyzed chicken sternal cartilage extract produced by the present disclosure has a good anti-inflammatory effect and can be used to prepare medications for treating osteoarthritis.