In this study chitosan with different degrees of deacetylation have been extracted from deep sea pink shrimp (Parapenaeus longirostris) shells not evaluated and discarded as waste products to investigate the effect of deacetylation on physicochemical properties of chitosan. In order to determine physicochemical characterization of the chitosans; moisture and ash contents, degree of deacetylation, molecular weight, apparent viscosity, water and fat binding capacities, Fourier Transform Infrared Spectroscopy, Scanning Electron Microscopy and X-ray diffraction analyses were applied. In addition, the physicochemical characteristics of the chitosan extracted from P. longirostris shells were compared to the commercial chitosan. Low degree deacetylated chitosan exhibited a higher molecular weight, higher viscosity and higher water and fat binding capacities compared to the high degree deacetylated chitosan. Study findings are considered to be useful for the economic use of shrimp wastes in Turkey and light the way for future studies on other crustacean species.