We have previously obtained a representative isolate KU101 of the predominant Penicillium species from rice under indoor storage conditions. In this study we attempted to characterize isolate KU101 using its morphological and molecular characteristics. When the micro- and macroscopic characteristics of isolate KU101 were compared with the P. islandicum reference isolate KCCM 34763, isolate KU101 was generally identical to those of isolate KCCM 34763, however, isolate KU101 grew faster and produced more orange to red pigments than isolate KCCM 34763. In a molecular-based identification, the nuclear sequence of the ITS1-5.8S-ITS2 region of isolate KU101 was most closely related to that of P. islandicum. Therefore, these results indicated that isolate KU101 from stored rice could be identified as P. islandicum, some isolates of which are known to produce mycotoxins.