Abstract: Provided is a method for producing a yeast hydrolysate containing Cyclo-His-Pro (CHP), via an enzyme-substrate reaction by addition of a flavourzyme to a yeast suspension. Herein, the yeast hydrolysate obtained after the enzyme-substrate reaction is filtered or centrifuged to recover a supernatant, and the supernatant may be subjected to (1) drying after ultrafiltration, or (2) drying after activated carbon treatment, or (3) combined treatment of (1) and (2). The method of the present invention enables production of the yeast hydrolysate having a remarkably high content of Cyclo-His-Pro (CHP), as compared to conventional foods. In particular, purification of the thus-resulting yeast hydrolysate can enhance the content of Cyclo-His-Pro (CHP) 10-fold to 85-fold higher than prior to the purification thereof.