We evaluated the nutritional value of a Monascus pilosus mycelial ethanolic extract (MEM) and culture filtrate (CFM) by determining the contents of monacolin K and citrinin, and by measuring antioxidant and antimicrobial activities. The yields of freeze-dried MEM and CFM powder were 4.02% and 3.35% of wet weight, respectively. Pigment content ($OD_{500}$ value) of MEM (0.79) and CFM (0.63) were lower than those of commercial rice beni-koji ethanolic extracts (EERB) (0.87), but were in good agreement with the L*, a*, and b* values and the hue angles of the products. The total monacolin K content of MEM (24.91 mg%) was higher than those of CFM (1.27 mg%) and EERB (14.65 mg%). However, the active monacolin K content of EERB (5.48 mg%) was higher than those of MEM (3.35 mg%) and CFM (0.4 mg%). Citrinin was not detected in any sample. The total polyphenol content of MEM (4.68%, w/w) was similar to that of CFM (4.29%, w/w), thus 13.75.20.94% higher than that of EERB. The total flavonoid content of EERB was 6.8.7.0-fold higher than those of MEM (0.64%, w/w) and CFM (0.66%, w/w). The total antioxidant capacity of CFM (3.51%, w/w) was 1.62.2.08-fold higher than those of MEM (2.74%, w/w) and EERB (1.69%, w/w). The electron-donating capacities of 1% (w/v) solutions of CFM, MEM, BHT, and EERB were 86.20%, 77.25%, 77.25%, and 44.82%, respectively, and the corresponding reducing powers ($OD_{700}$ values) were 2.1, 2.4, 1.1, and 1.6, respectively. SOD(superoxide dismutase)-like activities were in the order MEM (39.85%) > BHT (37.68%) > EERB (26.70%) > CFM (21.5%). Although the TBARS (% value) of MEM was a little lower than that of BHT, it was higher than those of CFM and EERB. The antibacterial activities of CFM acting on Bacillus brevis and Escherichia coli were somewhat higher than those of MEM, whereas the activities of MEM on Bacillus subtilis, Listeria monocytogenes, Staphylococcus aureus, Staphylococcus epidermidis, and Salmonella enteritidis were higher than those of CFM. However, the antibacterial activities of MEM and CFM were less than those of EERB and BHT. In conclusion, although further studies are needed, we offer experimental evidence that the by-products of M. pilosus MEM and CFM contain significant antioxidant and antimicrobial activities that may be useful in the development of healthy foods.