Water-soluble and thermal, as well as photo-stable, red Monascus pigments, were prepared by reacting the extracted pigment with aminoacetic acid and aminobenzoic acid. These modified pigments were compared to those using glutamic acid and gelatin as the modifying agents, showing that the colors and stabilities of these modified pigments were similar. Red pigments extracted from the mycelia could be dissolved in ethanol, propylene glycol, or in gelatin solution and freeze-dried. These red pigment concentrates or freeze-dried pigments could also be used as food colorants.