A strain of Streptomyces sp. SK-862, isolated from soil in Wonju city, was able to prodce a biologically active substance that has a strong inhibitory activity against proteolsis by trypsin. The inhyibitory substance was extracted by n-butanol, and then purified by the adsorption chromatography followed by the reverse-phase high performacne liquid chromatography. The purified substance was stable over the pH range from 2 to 10, but was unstable when treated at 8$0^{circ}C$ for 60 min. This substance was soluble in water, methanol, ethanol nd butanol, but insoluble in chlorofrom and ethylacetate. The Rf value of the purified substance on the thin layer chromatography were 0.56 in n-butanol : methanol : water(5 : 3 : 1v/v) solvent system compare dto 0.23 in ethanol : ammonium hydoxide : water(8 : 1 : 1v/v) solvent system. This substance has maximum absorption at 259 nm. The chemical reaction of the substance was negative for sugar but positive for ninhydrine and iodine reaction.