This paper is concerned with the calculation of isothermal compressibilities of hydrated proteins via molecular dynamics simulation. New fluctuation formulas are derived to compute from one molecular dynamics simulation at a given pressure the protein intrinsic compressibility, β p, and the compressibility of surface, or biological, water, β pw . Changes in the Voronoi volumes of the protein and its residues are shown to be a direct measure of changes in the volume of the protein cavities. Compressions, i.e., relative volume changes, of the atomic core of the proteins studied here are sufficiently small, less than 3% of the total compression, to be neglected in the calculation of compressibility. Although this study finds that the averaged density of water near a protein surface is similar to that of the bulk, the compressibility of biological water, which is computed here for the first time, is 20−24% smaller than the compressibility of bulk water. The results of β p and β pw can be combined with the calculations of the protein and biological water volume fractions to estimate, with a small uncertainty, the apparent isothermal compressibility.