This study was performed to understand the changes in wood extractives, mainly acetone extracts, in pine woods (Pinus densiflora and Pinus rigida) treated by three blue stain fungi (BSF) such as native BSF in Korea, Leptographium sp., screened Albino strain(BSFcs-1) and commercial Cartapip and fungicide, Wood guard. In addition their pulping and bleaching properties were investigated. BSF treatment has significantly reduced acetone extracts, $25.1{sim}30.4%$ decreasing in red pine and $22.9{sim}28.1%$ in pitch pine. Three week aging treatment showed about 20% decreasing in red pine and 19.3% in pitch pine. There were not so significant differences in extracts reduction among native BSF and Albino-type strains (Albino strain, BSFcs-1, and commercial Cartapip). But fungicide, Wood guard, treated wood showed relatively lower decreasing rates of extractives, 14% in red pine and 10.1% in pitch pine. Therefore it is understandable that the fungicide could protect the wood from blue stain fungi attack, but has no effect on its extractive reduction. Concerned to pulping properties of BSF and fungicide treated woods, red pine and pitch pine, optimum pulping condition was 20% active alkali, wood to liquor ratio 1 to 6, $170^{circ}C$, and 2.5 hr. In the case of BSF woods, optimum pulping condition was same as the sound wood, $43.5{sim}45%$ of pulp yields and $1.3{sim}1.45%$ of rejects. Screened pulp yield of fungicide treated wood was lower than those of BSF treated woods. Rejects in pulps were higher in fungicide-treated wood than BSF treated woods. Bleaching pulp yields were ranged of 92 to 93.5%. BSF, Cartapip and fungicide treated woods resulted in lower brightness of $55{sim}58%$, but Albino-type strain(BSFcs-1) $61.3{sim}62.3%$, very similar to untreated one. Therefore bleaching chemicals could be saved in the processing of chemical pulping.