This study was conducted to investigate antioxidative and physiological activities of two stage fermented Chinese Yam (TSFCY) by Monascus sp. MK2 and Lactobacillus brevis HLJ59. The extracts from TSFCY were measured to examine pigments, monacolin K contents, total polyphenol and flavonoid contents, DPPH radical scavenging activity, reducing power, ACE inhibitory activity and GABA contents. In this study, the results show that Monascus sp. MK2 and Lactobacillus brevis HLJ59, with Dioscorea batatas Dence. As the substrate can produce pigments (yellow, orange and red), monacolin K contents, total polyphenol and flavonoid contents, DPPH radical scavenging activity, reducing power, ACE inhibitory activity, and GABA contents at 14.03 (yellow), 13.88 (orange), 15.71 (red), 487.9 (MK, mg/kg), 723.8 (TP, mg/kg), 326.4 (TF, mg/kg), 81.7 (DPPH, %), and 1.5 (RP, O.D), respectively. In addition, the showed ACE inhibitory activity and GABA contents was 86.9% and 977.4 mg/kg in EtOH extract, respectively.