The probiotic characteristics of a total of 137 lactic acid bacterial strains isolated from soybean paste were investigated. Among those tested, the D37 strain was selected as a probiotic bacteria due to its acid and bile tolerance, and its strong anti-cancer and antibacterial activities. The D37 strain showed highly stable viability at acidic pH for 2 hr, and was very stable in 10% bovine bile. The viability of human colon cancer HT-29 cells was inhibited more than 60% at a $200;{mu}/mL$ concentration of D37 cell-free culture supernatant, and the degree of inhibition was concentration-dependent. The D37 strain showed a wide range of antibacterial activities against food-borne pathogenic bacteria such as Escherichia coli O157, Listeria spp., Vibrio spp., Salmonella spp., and Staphylococcus aureus. According to phenotypic characteristics and the utilization of various sugars, the D37 strain was identified as Lactobacillus cellobiosus.