The Collaborative International Dictionary of English v.0.48:
Proteolysis \Pro`te*ol"y*sis\, n. [NL. See Proteolytic.] (Physiol. Chem.) The digestion or dissolving of proteid matter by proteolytic ferments. [1913 Webster]WordNet (r) 3.0 (2006):
proteolysis n 1: the hydrolysis of proteins into peptides and amino acids by cleavage of their peptide bonds