Strangeness in the proton and N*(1535)

The newest progress on the study of the strangeness in the proton and in the lowest negative parity nucleon excited state $N^*(1535)$ is reviewed. Implications on the internal quark structure of the proton, $N^*(1535)$ and other baryons are discussed. The diquark cluster picture for the 5-quark components in baryons gives a natural explanation not only to the empirical indications for a positive strangeness magnetic moment $\mu_s$ and positive strangeness radius of the proton but also the longstanding mass-reverse problem of $N^*(1535)$, $N^*(1440)$ and $\Lambda^*(1405)$ resonances as well as the unusual decay pattern of the $N^*(1535)$ resonance. Evidence for possible existence of $N^*(1535)$'s ${1/2}^-$ SU(3) nonet partners in this picture is pointed out, and suggestion is made to search for these $1/2^-$ hyperon excited states under the well known $\Sigma^*(1385)$, $\Lambda^*(1520)$ and $\Xi^*(1530)$ peaks in various reactions.