This study was carried out to evaluate the physicochemical characteristics of fermented milks containing mulberry leaf extract. The mulberry leaf extracts were added to fermented milk at $0{sim}2.0%$. The pH, acidity, numbers of viable cells, chemical composition and color values of fermented milk preparation were analyzed, and these samples were subjected to a taste test panel. As the ratio of mulberry leaf extract increased, the pH value of the fermented milk decreased proportionally and acidities increased significantly. The numbers of viable cells was highest in the fermented milk sample containing 0.5% mulberry leaf extract. In the chemical composition analyses, increases in the concentration of mulberry leaf extract led to a significant increase in crude protein, crude fat, and crude ash contents and a significant decrease in lactose content. Ca, Mg and K in the fermented milk were also significantly increased with the addition of mulberry leaf extract. As mulberry leaf extract amount increased, the lightness and redness values decreased, while the yellowness value increased. From the sensory evaluation of the fermented milk containing mulberry leaf extract, color, taste, texture and overall acceptability of the fermented milk sample containing 1% mulberry leaf extract was found to be much better than those of the other groups.