In order to develop fermented silkworm “Dongchunghacho” (Paecilomyces tenuipes) with improved absorption and increased effectiveness, we fermented Dongchunghacho using four kinds of microorganisms, viz., lactic acid bacteria, Bacillus subtilis, Natto bacillus, and yeast. A total of 15 samples were fermented using a combination of microbial inoculation culture and conditions to produce fermentation products. The contents of basic components such as sugar, reducing sugar, protein, total polyphenol, and total flavonoid were examined as well as the antioxidant, tyrosinase inhibitory, and thrombolytic activities of the fermented products were analyzed. We observed that reducing sugar and protein contents decreased in most of the fermented products, but the products fermented using yeast exhibited higher sugar content and, thus, higher sweetness. Total polyphenol content and antioxidant activity did not increase in fermented products compared to non-fermented Dongchunghachos, but total flavonoid content and tyrosinase inhibitory and thrombolytic activities increased by fermentation. In particular, total flavonoid content and tyrosinase inhibitory and thrombolytic activities primarily increased in the products fermented using yeast and lactic acid bacteria. However, it was not possible to confirm the increase in these activities in samples fermented by single fermentation using only yeast. Therefore, we propose that it will be possible to develop fermented food from silkworm Dongchunghacho (P. tenuipes) with excellent health benefits through additional study of multiple fermentation conditions using lactic acid bacteria and yeast.