In this paper, we define the Krasner hypermodule of generalized fractions of a hypermodule M over a Krasner hyperring R . If M is an R -hypermodule, then we construct the Krasner hypermodule of generalized fractions U -nM consisting of all fractions m with m M and u1,...,un U . u1 ,...,un  We show that U -n M is a Krasner hypermodule. Then, we consider the category of Krasner hypermodules and prove that the direct limit always exists. We consider the fundamental equivalence relation εu* and prove some results about the connections between the Krasner hypermodule of fractions and the fundamental Krasner modules, direct systems and direct limits.