Monascus fermented soybeans (MFS) were produced by solid state fermentation and ethanol extractions were carried out to recover monacolin K (MK) and isoflavones from the MFS. About 99 and 87% of monacolin K (891 mg/kg) and isoflavones (895 mg/kg) were recovered by 80%(v/v) ethanol extraction. The 80% ethanol extract also showed significantly higher antioxidant activities (DPPH, ABTS radical scavenging activity, and ferric reducing antioxidant power) than the other ethanol extracts prepared by either 40 or 60% ethanol. The 80% Monascus fermented soybeans extract (MFSE) also contained significant ${alpha}$-glucosidase inhibitory activity (2.7 acarbose g equivalents/g MFS). Based on the results, MFSE can be used to enrich bioactive MK and isoflavone aglycones in soft soybean curd products.