The corresponding active ingredients were extracted by water from five traditional Chinese herbal medicines (Ginseng, Polygalaceae, Poria, Longan and Ginkgo biloba) which can improve memory. The interaction and binding of five active substance to walnut peptides modify its physicochemical properties and antioxidant activity.The result showed that the extracted herbal active substances have ability of antioxidant and eliminating free-radicals. The enzymatic hydrolysis process of walnut was optimized with the protein recovery and antioxidant activity as the index, and the total amino acid composition of the hydrolyzate was analyzed. Based on the evaluation of antioxidant properties and fluorescence spectroscopy, the experiment investigated the interaction between Chinese herbal active substances and walnut peptides, and the effects of different interaction conditions such as ratio, temperature and pH. The results indicated that the active substance extracted from Chinese herbal medicine declined the fluorescence of walnut peptides and their interacted led to a synergistic effect on antioxidant effect. In addition, the suitable ratio is more favorable to the synergistic effect. It was found that the effect of temperature on the interaction was obvious, and the effect of pH on the interaction between polysaccharide and polypeptide was significant. The experimental results provide a scientific foundation for the practical production.