Alcohol fermentation conditions for the production of plum wine were investigated and further, sensory evaluation and physiological functionalities of the plum wines were also determined and compared with those of plum liquors made by soaking plums in a mixture of commercial soju and 10% sugar for 15, 30, 60 and 120 days. Ethanol was produced maximally when 5% Saccharomyces cerevisiae was added to red plum juices and fermented at 25$^{circ}C$ for 5 days. Angiotensin-converting enzyme inhibitory activity and fibrinolytic activity of the red plum wine were better than those of the plum liquors. However, the antioxidant activity, the SOD-like activity and the tyrosinase inhibitory activity of the plum liquors were better than those of the red plum wine. On comparing the red plum wine and the various kinds of plum liquors, the red plum wine was shown to be more acceptable by sensory evaluation.