To enhance the biological activities of sprout soybean, beans were treated with steaming (SS), germinating (GS), or roasting (RS) prior to fermentation with mycelia for 20 days. The total phenolic, flavonoid, isoflavone, and 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity of each fermented bean preparation were examined every 5 days for 20 days. The total phenolic content of SS, GS, and RS preparations was 9.61, 10.23, and 10.46 mg/g, respectively, after 15 days of fermentation. These concentrations were approximately 4-5 folds higher compared to initial levels. The total flavonoid content was 8-9 folds higher than initial levels. The isoflavone content was highest in the RS sample (6.84 mg/g). The DPPH radical scavenging activity of beans fermented with mycelia was increased 2-8 folds after 20 days of fermentation. These results indicate that antioxidant activity components were increased by fermentation of mycelia irrespective of soybean treatments.