Squid (Todarodes pacificus) is processed as dried or seasoned-dried products and its catch gradually increased from 270,298 M/T in 2005 to 367,940 M/T in 2008 in Korea. Squid processing by-product (viscera) was usually discarded as a waste resulting in environmental problem. In order to utilize squid viscera for more value-added products, a natural squid seasoning was developed by fermenting with Aspergillus oryzae koji. Squid viscera at 5, 10 and 15% salt concentrations with fixed levels of 5% koji and 30% water was fermented at room temperature. The quality properties of squid fermented products such as amino-N, TMA, VBN, total viable cell count, pH and total acidity were determined at different fermentation periods. The contents of amino-N, TMA, and VBN of squid seasoning at 5% salt concentration fermented for 14 days were the highest. Based on amino-N content, squid viscera at 5% koji fermented for 14 days was selected for further assays: the content of moisture, crude protein, crude lipid, crude ash, and carbohydrate were 5.98, 35.19, 33.08, 11.30, and 14.45%, respectively. The content of glutamate, alanine, leusine and lysine were 7.06, 12.34, 9.90 and 10.22%, respectively. The $IC_{50}$ values of DPPH scavenging and $eta$-glucuronidase inhibitory activity were 12.89 and 12.58 mg/mL, respectively. A natural squid seasoning was manufactured by mixing fermented squid viscera and an ingredient. Based on the results of sensory evaluation, the fermented squid viscera seasoning was almost equal to other natural complex seasonings such as anchovy, cow meat, and fisheries seasoning.