The Chitinase which hydrolyzes the chitin, $\beta-1,$ 4-polymer of N-acetyl glucosamine, was purified from the culture broth of Streptomyces sp. 115-5 strain. The homogeneity of enzyme was reveali by CM-Sephadex C-50 column chromatography and polyacrylamide gel electrophoresis. The purified enzyme hydrolyzed chitin and chitosan, but not cellulose. And with chitin as the substrate, a Km value of 3.6mg per ml and a Vmax of $100\mu$ mole per hr were found. The activation energy for the reaction was 3.66 Kcal per mole. The M. W. was estimated 56,000 daltons, and PI as 3.0. The chitinase was inhibited by the addition of glucose, glucuronic acid, sorbitol and xylose as product inhibitors and its inhibition pattern by glucose was estimated pure competitive type.