The objective of this study was to modify a protein-rich by-product, generated during β-glucan production, to render it appropriate for incorporation into meat products. Additionally, the study sought to assess the quality of a prototype meat product containing oat additives, depending on its concentration. Through hydrolyzation, its solubility was enhanced, making it suitable for broader applications in food products. With an average protein content of 52% and fat content of 6%, the pure hydrolysate exhibited a notable ferric ion reduction, as well as metal chelating properties. In meat formulations, the hydrolysate was integrated at concentrations of 1%, 2%, and 3%, relative to the meat mass. Following cooking and subsequent storage for 21 days, assessments were conducted every 7 days to evaluate colour retention, texture, and oxidation status. At concentrations of 2% to 3% (equivalent to 2–3 g/100 g), the hydrolysate significantly enhanced colour stability, while concurrently fostering oxidation. Notably, cohesiveness and resilience were augmented, with no discernible impact on hardness. The application of oat protein hydrolysate, particularly at 2–3 g/100 g, serves as a viable strategy for enhancing colour stability in meat formulations. However, its pro-oxidative effects necessitate supplementation with antioxidants to mitigate potential deterioration in the final product.