This study aims at analyzing physical and chemical properties of perlite substrate. Particles of substrate were divided into five categories In size: gravel, very-coarse, coarse, medium and fine grade. Particles of very-coarse and greater grades in perlite substrate occupied 98.5％ of total particles. The air phase of total particles was distributed between 76.8％ and 87.7％ with especially showing that of very-coarse grade was lower than that of coarse or smaller one. However, the liquid and solid phases were vice versa. The cation exchange capacity (CEC) measured was highest in the fine grade. In drainage experiments, the water being drained from the substrate increased with the ratio of drain area, and the 65~70％ of total water reduced within five minutes after irrigation. The drained volume was proportional to the depth of the substrate, which contained about 2mL.cm$^2$：by depth (cm). Due to quick reduction of the water in the substrate, the pF value increased in four minutes after irrigation and showed the highest negative correlation ($R^2$＝0.997) with the moisture content of the substrate. The physical and chemical properties including drainage characteristics analyzed in this study can be, therefore, utilized to control the moisture content of perlite substrate, efficiently.