A physicochemical assessment of Doenjang (traditional fermented soyfood) prepared with Korean black soybeans (Glycine max) was carried out. The T-N rate increased slowly during storage up to 120 days and the A-N rate increased up to 80 days of ripening and then decreased slightly. The caseinolytic activity increased slowly during storage up to 80 days and then decreased after 80 days. In addition, the fibrinolytic and ${eta}-glucosidase$ activities increased up to 80 and 30 days and then decreased. Genistin and daidzin concentrations gradually decreased with increased fermentation time. However, genistein and daidzein slowly increased with fermentation time. Genistein and daidzein reached maximum concentrations (316.8 and $305.2{mu}g/g$, respectively) and plateaued thereafter. The anthocyanins increased greatly during fermentation up to 50 days and then remained constant between 50 and 90 days. Polyphenol contents showed a slight increase up to 80 days and then slowly decreased. The DPPH and ABTS radical scavenging activities increased linearly during storage up to 50 days, reached about 28.9% and 2.17 mg/g, respectively, and then slowly decreased. At 20 days of fermentation, macrophage-stimulating activity of the extract showed a maximum activity.