Protease production and its characteristics were investigated with Mucor racemosus f. racemosus PDA 103 which was isolated from Korean traditional meju. Optimum culture conditions of the strain for the production of the protease in basic medium[bean(Baektae):H2O=1:1(w/v)] were as follows: pH 6, 3$0^{circ}C$ and 72hrs. Optimum pH and temperature for the enzyme activity of the protease produced by Mucor racemosus f. racemosus were pH 5 and 5$0^{circ}C$, respectively. The enzyme was relatively stable a pH2.0~5.0 and at temperature below 4$0^{circ}C$. Phenylmethane-sulfonyl fluoride and Ag+ inhibited the enzyme activity. This indicates that the enzyme is serine protease. Km value was 0.9$ imes$10-4M and Vmax value was 5.93$mu extrm{g}$/min. This enzyme hydrolyzed casein more rapidly than bovine albumin.