The effect of different levels of malt extract on the fermentation of jeungpyun (a Korean fermented steamed rice cake) was investigated. Relative to the control batter, the fermentation rate increased with increasing level of malt extract due to its effect in expediting the fermentation. The contents of total phenols and phytic acid in the jeungpyun batter were reduced during fermentation, and even more so after steaming of the batter. The reduced content of antinutritional factors in the batter was accompanied by increases in in vitro protein and starch digestibilities. The effect of different levels of malt extract on the viscosity and hardness was similar. These results indicate that the addition of malt extract during fermentation may produce a healthier and more nutritious jeungpyun. It also facilitated the production of thin fermented batter, thus affecting the textural characteristics of jeungpyun.