The studies on shrinkage and characteristics of the weft knitted fabrics were investigated under the various dry and wet treating conditions. Various relaxation values were found out according to treating conditions. The characteristics of knitted fabrics such as shrinkage rate, thickness, spirality, elongation and recovery were also measured. The used knitting yams were OE (open-end) cotton and POY (pre-oriented yarn)-DTY (draw textured yam) polyester. The conclusions obtained in this study are as follows. 1. In case of dry relaxation little change of Ks values was seen with increasing time after 48 hours. So it was found that relaxation shrinkage of dry relaxation reached its maximal state in about 48 hours. 2. In case of wet relaxation, higher Ks values were observed, in comparision with those of dry one and higher shrinkage rates were also observed. But when experimental temperature was constant, sudden marked increases in Ks values and shrinkage rates appeared through the initial 4 hours, and after that time little change was seen in them. 3. As Ks value increases, thickness also increased. But thickness showed to some degree stability around Ks value 23. 4. As Ks value increases, spirality values also increased gradually. But little change of spirality values was observed above a certain Ks values (cotton 22.5, polyester 21.5). 5. As Ks value increases, the elongation decreased under a certain load, and the recovery was random.