Proteases and peptidases play important roles in nutrient metabolism, protein turnover and processing, and protein quality control in hyperthermophilic archaea. Due to their high stability and activity at high temperatures, proteases and peptidases from hyperthermophilic archaea are especially valuable to study mechanisms that stabilize protein structure and function at the maximum temperature capable of supporting life, and have great potential in industrial application. This review summarizes types, functions, catalytic properties, thermostabilizing mechanisms, and application potential of ATP-independent proteases and peptidases from hyperthermophilic archaea.