To utilize Cheonggukjang as a raw material of diverse foods, the quality characteristics of Cheonggukjang and its processed food were compared. Cheonggukjang (CGJ), red ginseng Cheonggukjang (RCJ), and red ginseng Cheonggukjang hydrolysate (RCH) were powdered, and their quality and functional characteristics were examined. The result showed that in regard to general components, carbohydrate content of RCJ was higher than other samples while crude protein content was lower. Free amino acid content of RCH was 2,157.16 mg%, which was approximately 2 times higher than CGJ, and the content of essential amino acid was 812.18 mg%, which was the highest. The result of SDS-electrophoresis pattern showed that CGJ and RCJ showed a molecular weight smaller than 33 kDa, and RCH showed a smaller than 17 kDa low molecular weight, confirming the hydrolysis to small molecular weight. Among the samples, free radical scavenging activity, superoxide radical scavenging activity, and ACE inhibitory activity did not show a significant difference; nonetheless, RCH showed the highest activity while CGJ showed the highest fibrinolytic activity of 111.38 unit. In addition, in sensory evaluation, the peculiar bitter taste of red ginseng could be detected while the overall acceptability was improved. Based on the above results, in comparison with CGJ, as for RCJ and RCH, their function was strengthened and unpleasant odor was reduced, and thus it is anticipated that they could be used as a raw material of diverse foods.