Beta-glucan (β-glucan), a naturally occurring complex polysaccharide, has drawn attention for its diverse health benefits, including immune system modulation. β-glucan was extracted from two fungi, Monascus purpureus (Mp) and Monascus kaoliang (Mk), cultured in Saccharina japonica via submerged fermentation. The yield, solubility, total sugar, reducing sugar, protein content, Fourier Transform Infrared Spectroscopy (FTIR), X-ray Diffraction (XRD), Thermogravimetric analysis (TGA), Scanning Electron Microscopy (SEM), in vitro free radical scavenging activity, and cytotoxicity were analyzed. A significant yield of β-glucans, with the contents of 51.30 ± 1.54% in Mp and 44.24 ± 1.18% in Mk was observed on a dry weight basis. Water solubility slightly varied, measuring 36.25 ± 1.14% in Mp and 31.25 ± 0.94% in Mk. Total sugar and reducing sugar content in Mp and Mk derived β-glucans were 114.75 ± 2.54 mg/g and 100.25 ± 1.86 mg/g, 7.38 ± 0.78 mg/g, and 8.39 ± 0.46 mg/g, respectively. FTIR spectra resembled the standard, and TGA confirmed heat stability. XRD patterns indicated that the extracted β-glucans, including the standard one, showed the most prominent diffraction peaks in the lower 2θ range, suggesting similar crystalline phases; however, they differed in crystallinity and degree of amorphous content. SEM images displayed characteristic rough and fibrous shapes and surfaces for extracted β-glucans but it was uniform and of a regular shape in the standard sample. The isolated β-glucans exhibited in vitro free radical scavenging and no cytotoxicity was observed in the MTS assay. Therefore, utilizing S. japonica as a substrate in the fermentation process by Monascus spp. presents a unique opportunity in the production and utilization of β-glucans.