Disclosed is a fermentation product which contains an equol-producing microorganism having a maintained equol-producing ability in a living state.In the production of a fermentation product by using an equol-producing microorganism and using a soybean powder or a soy milk as a raw material, (1) fermentation is carried out by using the equol-producing microorganism in the presence of a daidzein at pH 5.0 or higher under anaerobic conditions, thereby preparing a mother starter； (2) fermentation is carried out with the mother starter in the presence of a daidzein at pH 5.0 or higher, thereby preparing a bulk starter； and (3) fermentation is carried out with the bulk starter in a medium containing a soybean powder or a soy milk, thereby preparing a fermentation product. In this manner, it becomes possible to produce a fermentation product which contains a microorganism having a maintained equol-producing ability in a living state.
