Nutritional components and quality characteristics of drained soybean boiling water(DBW), which is discarded in the mass production of fermented soy foods, were compared with raw soybean(Control) and Cheonggukjang(CGJ) to provide the basic data for its recycle. The contents of moisture, crude protein, crude lipid and crude ash of DBW were shown as 87%, 2.2%, 0.15% and 1.42%, respectively. Decreased total amino acid of 1,677.8 mg/100g in DBW was comparable with 29,051.1 mg/100g in control, however, there was no great difference in the proportion of essential amino acid to the total. While the total sugar contents were decreased in both DBW and CGJ with 8.39% and 7.17% each from the control of 11.50%, the reducing sugars were increased with higher amount of 6.44% in CGJ and 8.30% in DBW than 5.60% in control. pH of DBW was lower than both of the control and CGJ. Hunter`s color values revealed the increase of redness(a value)and yellowness(b value) of DBW and CGJ suggesting that Maillard reaction products were produced by the heating and fermentation process. Polyphenol compounds were highly abundant in CGJ of 0.74 tannic acid equivalent(mg/g) followed by similar low amounts of 0.33 and 0.29tannic acid equivalent(mg/g) in DBW and control, respectively. Antioxidative activity determined by Electron Donating Ability(%) using DPPH radical showed that CGJ, of which polyphenols were the highest, has the strongest electron donating ability with the lowest EC50 value of 5.91 mg/mL. DBW was much lower but similar with the control. From the above results the drained soybean boiling water was shown to have many nutritional and functional components as much as soybean, therefore, it could be a potent reusable food material.