Disclosed is a fermentation product of a soybean embryonic axis which contains equol and is useful as a material for a food, pharmaceutical, cosmetic or the like. The fermentation product can be produced by fermenting a soybean embryonic axis with a microorganism capable of assimilating at least one daidzein-type substance selected from the group consisting of a glycoside of daidzein, daidzein and dihydrodaidzein to produce equol.