Korean traditional prescription, Oyaksungisan was usually used to treat rheumatoid arthritis, paralysis. In this study, we compared the contents of five major components, ephedrine HCl, ferulic acid, hesperidin, 6-gingerol, glycyrrhizin and various unknown compounds in Ohyaksungisan (OY) with fermented Ohyaksungisan (FOY) by established HPLC-DAD method. The neuroprotective activity against glutamate-induced cytotoxicity in HT22 cell of OY and FOY was investigated by MTT assay. And anti-oxidative activity of OY and FOY was measured by DPPH radical, hydrogen peroxide and hydroxyl radical scavenging activity. After fermentation, contents of five major components and some unknown compounds (1), (2), (3) and (4) were increased in FOY. Also, FOY showed more potent neuroprotective activity. Furthermore, anti-oxidative activity of FOY was increased. In conclusion, the fermentation of OY could change contents various compounds and improved its neuroprotective activity.