To investigate the effect of fermented black soybean pulp on serum lipid metabolism and osteoporosis in ovariectomized rats, Sprague-Dawley rats were divided into 4 groups: sham-operated control group, ovariectomized control group, ovariectomized group treated with black soybean pulp (BSP), and ovariectomized group treated with fermented black soybean pulp (FBSP). Rats were fed experimental diets for 8 weeks after ovariectomy. Compared to the control, FBSP supplemen-tation led to the improving effect for femur weight, abdominal fat, alanine aminotransferase, aspartate aminotransferase activity, hepatic lipid levels, and thiobarbituric acid reactive substances. Also, serum HDL-cholesterol, estradiol levels, serum alkaline phosphatase activity, and osteocalcin levels in the FBSP group were significantly lower than in the control group (p<0.05). These results suggest that FBSP is effective in improving lipid metabolism and preventing osteoporosis in ovariectomized rats.