This study was carried out to investigate functional quality characteristics of extract obtained after sugar-leaching for 12 weeks (SLE) and extract obtained after lactic acid fermentation for 8 weeks (LFE) of mulberry leaves. The yield, sugar content, pH, and total acidity of SLE were 27%, 43 $^{circ}Brix$, 4.6, and 0.45%. The yield, sugar content, pH, and total acidity of LFE were 166%, 33 $^{circ}Brix$, 3.6, and 1.17% respectively. The lactic acid bacteria viable numbers ($1.2{ imes}10^{10}$ CFU/ml) of LFE were more than those of SLE ($2.8{ imes}10^2$ CFU/ml). The LFE expressed activities of hydrolytic enzymes (amylase, cellulase, pectinase, protease), but SLE did not express. The contents of acetic acid, citric acid, and malic acid of SLE were higher than those of LFE, but lactic acid content of LFE was higher than that of SLE. The main free sugars of SLE were glucose (200.93 mg/g), fructose (236.32 mg/g), and sucrose (18.41 mg/g), but LFE did not detect all free sugars. The contents of polyphenol, anthocyanin, and piperidine alkaloid of LFE were higher than those of SLE. ${alpha}$-Glycosidase activities were inhibited 3.4% and 16.2% by SLE and LFE. These results suggest that lactic acid fermentation extraction is an effective method to increase the yield and contents of functional quality of mulberry leaves extract.