Pumpkin with glutinous rice as raw material, lao-zao was made by semi solid fermentation. The inhibition of pumpkin lao-zao and pure rice lao-zao was compared, and the inhibition effect of fermented supernatant of the different concentrations and different fermented time and different adding amount of pumpkin were studied. Then, some physical and chemical indexes were determined. The result showed that pumpkin Lao-zao had significant inhibition effect on α-glucosidase, the inhibition rate of primal was higher than 75 percent, and the active of inhibitor of pumpkin Lao-zao was higher than pure rice Lao-zao. The fermented supernatant of the different concentrations and different fermented time and different adding amount of pumpkin had extremely significant effect on the inhibition effect of α-glucosidase. Moreover, in the forty-eight hour，the inhibition effect was highest, the ratio of glutinous rice and pumpkin was appropriate as 2∶1(g/g). In pumpkin Lao-zao, polysaccharide is 2.87 mg/g, reducing sugar is 3.88%,V_C is 0.024 mg/100 g, protein is 0.071 2 mg/g, alcohol is 2 mL/g, pH is 3.75.