This study was conducted to investigate antioxidative and physiological activities of ethanol extracts concentration from Monascus-Fermented Chinese Yam (MFCY). The ethanol extracts from MFCY were measured to examine pigment, monacolin K content, total polyphenol content, DPPH radical scavenging activity and angiotensin converting enzyme inhibitory effects. In this study, the results show that Monascus sp. MK2, with Dioscorea batatas Dence. as the substrate, can produce pigments (red, orange, and yellow), monacolin K content, total polyphenol content and DPPH radical scavenging activity at 13.48 (red), 11.66 (orange), 12.77 (yellow), 462.78 (mg/kg), 658.8 (mg/kg) and 92.8% in EtOH extract, respectively. In addition, ACE inhibitory activity was shown to be 74.55% in EtOH extract. Therefore, it can be concluded that Dioscorea batatas Dence is the best fermentative substrate for Monascus species to produce secondary metabolites as biomedicinal substances.