Korean ginseng (Panax ginseng C. A. Meyer) has been used as an important medicinal plant in the Orient for a long time. It has been claimed that ginseng has many beneficial bioactive effects on human health, such as antitumor, antistress, antiaging and enhancing immune functions. Red ginseng possibly have new ingredients converted during steaming and dry process from fresh ginseng. In this study, pharmacological efficacy and ingredient conversion of ginseng by 9 repetitive steaming and drying process were investigated measuring conversion efficiency of acidic-polysaccharide, phenolic compounds and inhibition of peroxide lipides. It was found that acidic-polysaccarides were increased by heat treatment. In addition, maltol of phenolic compounds, strong antioxidant, produced during the process of red ginseng by Maillard reaction. Acidic-polysaccarides and maltol were increased after the 1st and 3rd steaming and drying treatments, but they were decreased gradually after 5th, 7th, and 9th treatments. Antioxidant activity was increased as increasing treatment times of steaming and drying without significance. Effect of red ginseng extract on inhibition of peroxide was increased gradually until after the 7th treatment, but remarkably decreased after the 9th treatment.