The effects of variable moisture content, screw speed and barrel temperature on the physicochemical properties of red ginseng powder extrudates were investigated. The raw red ginseng powders were processed in a co-rotating intermeshing twin-screw extruder. Primary extrusion variables were feed moisture content (20 and 30%), screw speed (200 and 250 rpm) and barrel temperature (115 and $130^{circ}C$). Extruded red ginseng showed higher crude saponin contents (6.72~7.18%) than raw red ginseng (5.50%). Tested extrusion conditions did not significantly affect the crude saponin content of extrudates. Increased feed moisture content resulted in increased bulk density, specific length, water absorption index (WAI), breaking strength, elastic modulus and crude protein content and decreased water solubility index (WSI) and expansion (p<0.05). Increased barrel temperature resulted in increased total sugar content, but decreased reducing sugar content in the extrudate (p<0.05). Furthermore, increased barrel temperature resulted in increased amino acid content and specific length and decreased expansion and bulk density of extrudates only at a higher feed moisture content. The physicochemical properties of extrudates were mainly dependent on the feed moisture content and barrel temperature, whereas the screw speed showed a lesser effect. These results will be used to help define optimized process conditions for controlling and predicting qualities and characteristics of extruded red ginseng.