Makgeolli is a traditional Korean alcoholic rice beverage. It is brewed of ingredients containing starch, Nuruk, and water. In order to improve the quality and functionality of Makgeolli, the Rhizopus oligosporus fermented buckwheat containing 18.7 mg/kg of l-carnitine were utilized to brew l-carnitine fortified Makgeolli with rice. Makgeolli was prepared in two-stage fermentation method and total rutin and quercetin in each fermented buckwheat Makgeolli were increased 1.8-fold greater than buckwheat Makgeolli. DPPH antioxidant activity was enhanced in fermented buckwheat Makgeolli than buckwheat Makgeolli (21.9%–65.7%). The amounts of l-carnitine in rice Makgeolli, buckwheat Makgeolli, and fermented buckwheat Makgeolli were 0.9, 0.8–1.0, and 1.0–1.9 mg/L, respectively. The fermented buckwheat Makgeolli not only promoted health benefit by increasing l-carnitine and flavonols, but also made effective alcohol production (2.8%–8.4%) compared to common buckwheat Makgeolli, indicating the potential industrial application with health benefits.