Fermentation plays a vital role in the nutritional enrichment of food. Korea has a long tradition of adding fermented food to the daily diet and jeotgal is one of the common fermented and salted foods in Korean cuisine. In our study, we added soymilk as an additive to squid jeotgal to improve its functionality. We mixed different concentrations of soymilk (2, 5, and 10 mg/g) with squid jeotgal samples, fermented them for one week, and then tested their antioxidant and anticancer activities to compare with those of squid jeotgal samples without soymilk additive. To investigate the anticancer characteristics, glutathione-S-transferase (GST)-pi enzyme assay was used. To test the antioxidant activities, various assays were performed, including 2,2-diphenyl-1-picryl hydrazyl free radical scavenging activity, 2,2-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) diammonium saltradical cation scavenging assay, and reducing power assay. Samples fermented with a small amount of soymilk showed excellent anticancer activity. The addition of only 2 mg/g of soymilk to squid jeotgal inhibited the activity of GST-pi by almost 50% when compared with the sample with no addition. Moreover, no undesirable bitterness or astringency was noticed. Our results could help to improve the current food status of squid jeotgal and it could be used to reduce the risk of chronic disease along with its basic nutritional function.