In this study, walnut meal hydrolysates (WMH) and dephenolized walnut meal hydrolysates (DWMH) were found to effectively decrease the serum uric acid level and protect the renal function in potassium oxonate-induced hyperuricemic rats in vivo as well as inhibit xanthine oxidase in vitro. Two novel antihyperuricemic peptides including WPPKN (640.8 Da) and ADIYTE (710.7 Da) were purified from DWMH via Sephadex G-15 gel filtration and reverse-phase high-performance liquid chromatography and identified by LC-ESI-MS/MS. These peptides displayed high in vitro xanthine oxidase inhibition (XOI) activity with IC50 values of 17.75 ± 0.12 mg mL-1 (WPPKN) and 19.01 ± 0.23 mg mL-1 (ADIYTE). Based on the results of molecular simulation, WPPKN entered into the hydrophobic channel and even obstructed the interaction between xanthine and xanthine oxidase (XO), while ADIYTE was positioned on the surface of the B-chain and blocked the entrance of the substrate to the hydrophobic channel. Therefore, the two peptides are partially responsible for the antihyperuricemic properties of DWMH.