Monascus purpureus was cultivated under solid state fermentation and submerged state fermentation in the laboratory. The substrates corn, sweet potato and double beans were used and these substrates were assayed at different sizes and concentrations in solid state and submerged state fermentation respectively for highest pigment production. Under solid state fermentation, reference strain (Monascus purpureus MTCC410) produced highest quantity of yellow pigment (92. 7 CVU / g) in the substrate sweet potato of 2 – 4 mm size and more red pigment yield (97.33 CVU / g) was observed in the substrate maize of 3-6 mm size. Isolate MP (PMPO) produced highest yellow pigment (90.93 CVU / g) in sweet potato of 2-4 mm size and where as red pigment yield (83.0 CVU / g) was more in sweet potato of 2-4 mm size. Sweet potato proved to be the best substrate for pigment production. Under submerged state fermentation conditions, reference strain produced higher quantity of yellow pigment in all the tested substrates at 1: 1 dilution of substrate filtrate. Red pigment production by reference strain was highest in maize followed by sweet potato at  concentration of 1:1 dilution of  where as 1:2 dilutions  gave good pigment values  in case of double beans.