We aimed to develop an efficient process for producing red yeast rice (RYR) with different rice cultivars (Samkwang: used for cooking and Hangaru: used for processing) and amounts of added water (0–100%). Our analyses showed that Hangaru rice had a round starchy form with 18.62% amylose content, and Samkwang rice exhibited an angular starchy form with 15.29% amylose content. The in vitro enzymatic hydrolysis ratio was higher for Hangaru RYR (20.92–24.28%) than for Samakwang RYR (10.97–15.91%) with different amounts of water added. Hangaru RYR showed the highest color value with 60% added water; however, Samkwang RYR highest color value was at 40% added water. The total content of monacolin K was the highest (749.34 mg/kg) for Hangaru RYR treated with 60% added water. These results suggest that Hangaru rice supplemented with 60% water is the most suitable for producing RYR.