The present invention is related to an aqueous extract liquid of red water calltrop (Trapa bicornis var. taiwanensis (Nakai) shell, a method of producing the same and applications thereof. The red water calltrop shells are extracted by a thermal reflux extraction in water at pH 7.0 under 100℃ for no more than 3 hours, followed by removal of insolubles of the crude extract of the red water calltrop shells, thereby obtaining the aqueous extract liquid of red water calltrop shells. The aqueous extract liquid of red water calltrop shells can inhibit activities of matrix metalloproteinase-2 (MMP-2) and MMP-9, so as to be applied on a composition for external use on the skin or a medicinal composition.本發明是有關於一種菱角殼水萃取液及其製造方法,其利用單步驟熱迴流萃取步驟,在100℃以及pH 7.0之水中處理紅菱角殼不超過3小時,以獲得粗萃物,再經去除不溶物後,獲得菱角殼水萃取液。所得的菱角殼水萃取液經體外動物細胞實驗證明具有抑制第二型基質金屬蛋白酶(MMP-2)以及第九型基質金屬蛋白酶(MMP-9)的活性,可應用於皮膚外用組成物或醫藥組成物。