The objectives of the experiment were to examine the effects of extrusion process variables on the yield of extruded ginseng extract and to determine the effect of ratio of extruded ginseng extract and microcrystalline cellulose on characteristics of spheronized granules by cold extrusion-spheronization process. Extrusion process variables observed were feed moisture (15, 22, 29%), die temperature (90 110 13$0^{circ}C$) and screw speed (150 200, 250 rpm). The results showed that moisture content of dried ginseng significantly affected extraction yield (P<0.05). The less moisture content of the feed resulted in the higher yield of the extract. Moisture content of 15%, screw speed of 250 rpm and die temperature of 13$0^{circ}C$ gave the highest yield of ginseng extract. Mean extraction yield of extruded ginseng using hot water extraction was greatly improved by extrusion process The extract yield of extruded ginseng was 43.5% which was higher than that of red ginseng (38.3%) and white ginseng (29.0%) produced by traditional process. It was possible to make from the mixture of microcrystalline cellulose (200 g) mixed with different concentration of 200 mL solution (0, 5, 20, 30 40 50 60% of ginseng extract with 59.2% dry solid) by using cold extrusion spheronization. When the concentration of ginseng extract Increased, the granulation yield was improved but friability and compression index were reduced. Ginseng extract such as saponin was completely released from spheronized granules in distilled water within 10 min. It can be concluded that spheroniged granule with ginseng extract could be packed in gelatin capsule since granules Possessed proper physical properties and quick release of saponin.