Aspergillus sp. BY-54 which produced a strong dextran hydrolyzing enzyme was isolated from soil. Using this strain, the optimal cultural conditions, enzyme purification and characterization were studied. The results are as follows : The optimal concentration of dextran as carbon source was l%. and the optimum temperature and the initial pH for enzyme production was 3$0^{circ}C$, and 7.0, respectively. Dextranase was purified by DEAE-cellulose column chromatography with a linear gradient increase in NaCl. Km value of dextranase was 0.222%, and several glucans containing various types of glucosidic linkages such as DEAE-sephadex, CM-sephadex and sephadex G-100 were almost digested to a large extent with this dextranase. The enzyme was strongly inhibited by sodium fluoride, KMnO4 and p-CMB, while KCN caused 20% of activation.