Three different doengjang(fermented soybean paste) were prepared by using B. subtilis SS103 with high angiotensin converting enzyme(ACE) inhibitory activity, Asp. oryzae and mixed culture of two organisms, respectively. Quality characteristics and the inhibitory activity were compared. $eta$-Amylase activity rapidly increased during 30 days of fermentation, but lower activity was found in doenjang prepared with B. subtilis. However, $alpha$-Galactosidase activity decreased for 15 days of fermentation and little activity was observed after that fermentation period. Protease production tended to increase during the fermentation. High protease activity was found only in doengjang prepared with Asp. oryzae, but the doengjang prepared with B. subtilis SS103 showed very low activity. Total isoflavone content at 90 day fermentation was the highest in doengjang prepared with mixture of Asp. oryzae and B. subtilis. ACE inhibitory activity increased during the fermentation period. The highest activity was found in doengjang made with mixture of Asp. oryzae and B. subtilis. Sensory evaluation on doengjang itself and its soup indicated that doengjang made with mixture of Asp. oryzae and B. subtilis showed higher acceptability on taste, flavor and color than those prepared with only Asp. oryzae or B. subtilis, respectively.