This study aimed to provide basic evidence regarding the development of materials by analyzing the physicochemical properties and antioxidant activities of Streptococcus thermophilus KCCM 3782 strain-fermented Cordyceps militaris grown on Tenebrio molitor. Among the solvents tested, DPPH radical scavenging activity was the highest in the hot water-extracted sample after 30 min of extraction. Moisture content decreased, whereas crude protein and fat content increased, after lactic acid bacteria-mediated fermentation. Sodium, magnesium, calcium, and zinc contents increased, with potassium levels attaining the maximum value, whereas free amino acid content decreased after the fermentation. Among Hunter's color values, a value increased to 66.7→149.92 after fermentation, whereas the L and b values decreased to 15.79→-15.75 and 54.45→0.01, respectively. Cordycepin content assay increased from 7.02 mg% to 8.66 mg%. The DPPH free radical scavenging activity of the fermented product was 91.92 EDA%, which was higher than that of the extract (84.69 EDA%). The ABTS free radical scavenging and superoxide dismutase (SOD) activities were also higher in the fermented products.