Selected microbiological and biochemical characteristics of the steeping process for the production of yukwa, a traditional Korean oil-puffed snack made of waxy rice, were investigated during steeping of waxy rice in water for 15 days. The lengthy steeping process was largely predominated by lactic acid bacteria (LAB), particularly, Lactobacillus and Leuconostoc. The predominat type of bacterium isolated was the Y26 strain tentatively identified as Lactobacillus plantarum. The titratable acidity of the steeping medium increased from 0.01 to 1.13%, in parallel with the decrease in pH ranging from 6.3 to 4.2 as the steeping period increased from 0 to 15 days. A high amount of lactic acid and to a much lesser extent, butyric acid, acetic acid, propionic acid, and succinic acid were detected during the steeping process. The amount of reducing sugars in the steeping medium increased from 0.61 to 10.43 mg/mL, whereas sucrose decreased from 0.46 mg% to an undetectable level. Starch degradation products including glucose, maltose and oligosaccharides ranging G3-G7 were not initially noticed, but their content increased during the steeping process until completion. However, no oligosaccharides larger than G8 were detected in the steeping medium. The activities of $alpha$-amylase, $eta$-amylase and protease in the steeping medium of waxy rice tended to rise increase with time during the steeping process. From these results, the lengthy steeping process in yukwa production can be characterized as the spontaneous fermentation, dominated by lactic acid bacteria, which is a necessary process for inducing biochemical modification of waxy rice.