As part of an investigation to identify microorganisms that are biotechnologically interesting for industrial application, we isolated a bacterial strain from Chungkookjang that produces extracellular neutral lipase. In addition, the crude enzyme was characterized. This isolated strain, designated as JKA-3 was identified as Bacillus subtilis JKA-3 based on morphological, physiological and biochemical characteristics, as well as phylogenetic analysis using 16S rRNA gene sequence. The cells were rod-shaped and $0.6-0.8{ imes}2.0-2.3;{mu}m$ in size. Optimal growth conditions were $35-40^{circ}C$ and pH 6.0-8.0. The isolate was able to grow in up to 0-10.0% (w/v) NaCl. Optimal activity conditions of the crude lipase fraction of B. subtilis JKA-3 were pH of 7.0 at $35^{circ}C$. This enzyme was stable in the pH ranging 6.0-8.0.