Fish-derived collagen can reduce the risk of disease transmission and has no religious or cultural restrictions. However, it has limited applications due to its poor thermal stability. In this study, black carp swim bladder collagen (BBC), classified as a type I collagen, was extracted. Amino acid composition analysis revealed that BBC had a higher proline hydroxylation rate of 39.57%. Fourier transform infrared spectroscopy revealed that BBC exhibited a complete triple-helix structure. The fractional viscosity curve and differential scanning calorimetry curves revealed that the thermal denaturation temperature (Td) and the melting temperature (Tm) were 30.85 °C and 107.19 °C, respectively. The dynamic rheological analysis showed that as the concentration increased from 5 mg/mL to 20 mg/mL at 0.01 Hz, the storage modulus increased from 0.979 Pa to 84.2 Pa. When the temperature exceeded the Td, the BBC solution exhibited viscous behaviour as the frequency increased. The steady-shear analysis showed that the BBC was a shear-thinning fluid. Functional properties analysis revealed that BBC exhibited better emulsification properties, foaming properties, water absorption capacity and oil absorption capacity than land-derived collagen, making it suitable for emulsifiers, bubbling beverages, and frozen meat preservation. Additionally, BBC promoted the growth of MT3C3-E1 cells and maintained the normal morphology of the cells. These results showed that BBC is a promising substitute for terrestrial collagen in functional foods, cosmetics, and biofunctional materials.