Alpha-amylase and glucoamylase activities were higher in koji with 40% water than that with 30 and 50% water, and A. oryzae exhibited very high alpha-amylase and glucoamylase activities compared to A. sojae and A. niger. Acidic, neutral and alkaline protease activities also showed higher activities in koji prepared with flour, Korean wheat powder and soybean powder with 40% water based on the weight of the sample. Alpha-amylase, acidic, neutral and alkaline protease activities of all the koji samples according to incubation periods increased until 3~4 days of incubation and maintained nearly the same level or slightly decreased after 5 days of incubation. The protease activities of A. oryzae and A. sojae showed nearly the same trend regardless of differences in substrate conditions and koji materials, but those of A. niger showed a lower activity than those of A. oryzae and A. sojae. These results suggest that the preparation of koji is possible with Korean wheat powder and soybean powder and A. sojae can be utilized as a new strain for fermented foods using soybean as the main materials to increase functional properties and produce products having a new taste and flavor.