Traditional herbal medicinal preparation Bojungikki-tang (BJT) is well-known herbal medicine used as tonic. We fermented Bojungikki-tang using nine lactic acid bacteria strains and discovered two remarkably increased compositions from the fermented BJTs using HPLC/DAD analysis. HPLC/DAD-guided fractionation of the increased compositions followed by structure identification using NMR and MS identified liquiritigenin and isoliquiritigenin. These bioconversion compositions were quantitatively analyzed using HPLC-DAD. Liquiritigenin contents were highest in BJTs fermented with L. amylophilus (1.91 mg/g) and L. fermentum (1.89 mg/g), which were increased by 20-fold compared to BJT (0.09 mg/g). Isoliquiritigenin contents were highest in BJTs in fermented with L. plantarum (0.19 mg/g) and L. fermentum (0.19 mg/g), which were increased by 19-fold compared to BJT (0.01 mg/g).