An object of the present invention is to provide a liquid koji to be used in the production of a fermented food or drink, particularly a liquid koji having glucoamylase and acid-stable α-amylase with high enzymatic activities, which can be used in the brewing of shochu. The present invention provides a method of manufacturing a liquid koji to be used in production of a fermented food or drink, comprising: cultivating a koji mold in a liquid medium that contains, as a raw material, a substance selected from the group consisting of a cereal having a surface covered with a husk; a cereal having a surface from which only a husk (e.g., a chaff) is removed; an unprocessed bean or tuber having a surface covered with a hull; and amaranthus and/or quinoa. According to the present invention, both enzymes of glucoamylase and acid-stable α-amylase are simultaneously produced with high yield in a balanced manner to allow the production of a liquid koji having enzymatic activities required for, for example, the brewing of shochu. By using the liquid koji, fermented foods and drinks such as shochu can be efficiently produced.