A fusion protein comprising a carrier and a desired peptide or protein linked to the carrier via an enzymatically excisable dipeptide, such as Lys-Arg, is produced in a host microorganism and then the desired peptide or protein is recovered by treating the fusion protein at least with a protease specifically recognizing the dipeptide and specifically hydrolyzing the peptide bond of the dipeptide. The fusion protein includes tandem-form fusion proteins in which desired peptide or protein molecules are linked together repeatedly. According to the cleavage site in the dipeptide, the protease may be used in combination with an aminopeptidase specifically releasing a basic amino acid from the N-terminal side of the dipeptide and/or a carboxypeptidase specifically releasing a basic amino acid from the C-terminal side of the dipeptide.