Launch of the first Quasi-Zentih Satellite System (QZSS) satellite, dubbed Michibiki, took place September 11, 2010 and technical and application verification of the satellite is being carried out. This paper presents the results obtained from processing of the L5 signal transmitted from the QZSS satellite. The QZSS L5 signal is collected in ETRI, Korea. And then, the acquisition and tracking are performed by the L5 software receiver implemented by ETRI. The tracking loop of FLL, PLL, and DLL, the EPL correlator output, and the C/No output results show that the QZSS L5 signal is normally processed. Finally, the paper demonstrates that the QZSS L5 signal could be used as GPS satellite based augmentation system in Korea as well as Japan.