Mogrosides are a group of triterpenoidal saponins from the fruit of Siraitia grosvenorii Swingle; they are intensely sweet and have consequently been used as a substitute for sugar by the food industry. The lack of efficient methods to produce specific mogrosides has hindered investigation of the relationship between their structure and bioactivity, e.g., down-regulation of blood glucose levels, anti-inflammation, and antiviral infection. Here, we attempt to selectively convert the major saponin mogroside V, a mogrol pentaglucoside, into mogroside III E, a triglucoside, via the β-glucosidases of the budding yeast Saccharomyces cerevisiae. We report that the β-glucopyranosyl and β-glucopyranosyl-(1→2)-β-d-glucopyranosyl attached on C-3 and -24 of mogrol, respectively, were resistant to hydrolysis by yeast β-d-glucosidases. We further screened 16 mutants bearing single defective glucanase or glucosidase genes, thereby demonstrating that Exg1 is a major enzyme of the initiation of mogroside V conversion. Deletion of the KRE6 gene unexpectedly facilitated the production of mogroside III E in yeast culture. This paper demonstrates that yeast knockout mutants are a valuable tool for saponin modification and for studying the specificity of glucosidase function.