In this study, we designed a method to manufacture elevated fermented green tea by using Monascus pilosus, which is known as a functional microbe, and observe its antioxidant abilities and quality characteristics. The water-soluble substance (WSS) content of the fermented tea by M. pilosus (FTM) was lower than that of the non-fermented tea (NFT), although the alcohol-insoluble substance (AIS) content of the FTM was higher than that of NTM. On the other hand, the fractionated distilled water-soluble polysaccharide (DWSP), CDTA-soluble polysaccharides (CDSP), sodium carbonate-soluble polysaccharide (SCSP) and KOH soluble hemicellulose (HC) obtained from the AIS of the FTM was markedly higher than that of NFT. In the antioxidant parameters, the electron donating ability of all fractions, except HC, extracted from FTM was higher than that of NFT, and iron chelating ability of all fractions, except CDSP, extracted from FTM was higher than that of NFT. Whereas the DWSP and SCSP obtained from the FTM were higher than that of NFT, the activity of the HC fraction from both NFT and the FTM could not be detected. In addition, the xanthin oxidase (XO) inhibitory activities of the DWSP, CDSP and the SCSP obtained from the NFT were significantly higher than that of FTM, the aldehyde oxidase (AO) inhibitory activities of the DWSP and SCSP extracted from the FTM were markedly higher than that of the NFT. Meanwhile, the acceptance of NFT and FTM had no significant difference, while the quality of aroma, taste and mouthfeel of the FTM was higher than that of NFT. These results suggest that the post-fermented tea by Monascus microorganisms may be responsible for functional components as well as contribute to the improvement of the tea quality.