Both fresh Codonopsis lanceolata and lactic acid bacteria fermented Codonopsis lanceolata were extracted with water at $100^{circ}C$, and tested for anticancer activity using several human cancer cell lines. The fermented extracts inhibited the growth of hepatocellular carcinoma cells up to 90%, compared to 75% for fresh Codonopsis lanceolata. The extracts of cytotoxicity on human normal lung cells (HEK293) were as low as 15%. Especially, human hepatocellular carcinoma cell were more efficiently inhibited than other cells. This extract also inhibited $alpha$-glucosidase activity up to 60% at 1.0mg/$m{ell}$. This fermented extracts showed the inhibition potency on tyrosinase by 25% at 1.0mg/$m{ell}$. From the results, the fermented Codonopsis lanceolata enhanced several biological activities up to $20{sim}30%$, compared to those from fresh Codonopsis lanceolata. It implies that fermentation process could be one of useful methods of utilizing low quality Codonopsis lanceolata. Because this process could yield high amounts of biologically active compounds by the help of microbial growth.