Physicochemical properties of waxy maize starch and oxidized waxy maize starch with sodium hypochlorite $(0{sim}60;mg;CL_2/g;starch,40^{circ}C,;pH;10,;3.0;hr)$ were studied. As sodium hypochlorite concentration was increased, the content of crude lipid and crude protein of the oxidized starch were decreased. And crude protein content and whiteness was considered to show negative regression. However, the crude ash content of the oxidized starch increased significantly with oxidation and bore a positive regression to the chlorine content. There was a progressive increase in the carboxyl content with increasing oxidant level. After pasting in hot water and cooling, viscosity of the oxidized starches were drastically lower than that of native starch . As carboxyl contents of the oxidized starch increased, the solubility and swelling power was increased. When waxy maize starch treated with 0, 1.5, 3.0 and 6.0% sodium hypochlorite, temperature of initial gelatinization of oxidized starch was shown to 65, 65, 60 and $50^{circ}C$, respectively. The oxidized waxy maize starches also form clearer pastes. Water binding capacity of the oxidized starch decreased as the degree of carboxyl group substitution increased. Waxy maize starch has polygonal and some round granules which range from about 3.7 to $20;{mu}m$ in diameter. Surface appearance of the waxy maize starch became rough when oxidized with sodium hypochlorite. When homogenate of the oxidized waxy maize starch solution and corn germ oil was stored under room temperature for 24 hours, the emulsion stability was considered to depend on starch concentration and degree of substitution.