This research evaluates the change of the water absorbency and drying speed of a quick-drying knit fabric by repeated laundering and laundering conditions and investigates the influence of laundering conditions on the functional properties of the knit fabric. Four factors of laundering conditions were studied: detergent, water hardness, water temperature, and frequency of rotation. Knit fabrics were washed for 25 laundering cycles in a drum-type washing machine with nine different laundering conditions derived from an orthogonal array. The properties of knit fabrics were measured with a drop absorption test, a strip test, and a drying time test. Relaxation shrinkage pointed to a change in the structural characteristics of the knit fabric. Wetting time was faster and wickability was greater in the knit fabrics that underwent 5 laundering cycles; in addition, there were no obvious changes in wetting time and wickability. The detergent was the most important factor in wetting time (40.4%) and wickability (60% or above). Water hardness, water temperature and RPM had less of an effect on wetting time and wickability. There were no significant differences between the levels of laundering conditions (except for detergent) on wetting time and wickability. Drying times with neutral and alkali were slower by repeated laundering; however, there was no obvious change in drying time. Hardness, water temperature and RPM had less of an impact on drying time.