The decolorization of molasses by 17 different fungi in 2 media was studied. Trichoderma viride showed the highest decolorization yield (53.5%) when cultivated at 30ºC for 7 days in Medium 1 which contained the molasses which was diluted to 40 g/L in distilled water. The other Trichoderma species and Penicillium sp. also gave similar results of 40-45%. Decolorization yield was increased by adding peptone and yeast extract to the production medium except Penicillium sp. Growth rate was not related to decolorization yet pH value was. When the pH decreased below 5.0 after the incubation, the decolorization yield increased. Although reducing sugar in culture broth decreased with decreasing color intensity, there was no connection between protein utilization and decolorizing activity.