An environmental friendly process was developed to produce Arthrospira maxima's biomass from sugarcane vinasse, which was generated in a bioethanol production chain, at laboratory and pilot scale. Peptides fractions were than obtained from enzymatically hydrolyzed biomass. High microalgae biomass productivities were reached (0.150 g L-1 day(-1)) coupled with a significant reduction of BOD and COD (89.2 and 81%, respectively). Three peptide fractions were obtained from microalgae biomass through single or sequential enzymatic hydrolysis. Antioxidant, antimicrobial, anti-inflammatory, and/or anti-collagenase activities of biopetides' fractions were observed. The PHS showed multi-biological activities. The three peptides fractions could be potential candidates for different applications in pharmaceutical, cosmetic and food industry.