The hyphal growth, production of color pigments and monacolin K by Monascus strains were investigated in liquid medium. Thirty five different strains were collected and cultured in potato dextrose yeast extract broth (PDYB), potato dextrose broth (PDB) and malt extract broth (MEB) medea at $25^{circ}C$ for 7 days. The growth rates of most of strains were highest in PDYB medium. Growth rate as well as pigment production were influenced by suspension conditions of mycelia during liquid cultivation. Most of strains producing monacolin K corresponded to strains producing red pigment highly and showing more pH changes of liquid media. Monacolin K produced from strains was detected in culture broth as well as mycelia. Any citrinin was not detected in monacolin K producing strains. These results imply that the selection of the strains producing red pigment highly and showing more pH changes in liquid cultivation could be applied for primary screening of Monascus strains for preparation of red mold rice.