Annatto is one of the most common natural colorants used in the food industry. The commercial processes to extract annatto were direct extraction into oil, direct extraction into aqueous alkali, or indirect extraction with solvents. The physicochemical properties of the extract are known to be influenced by the pH of the solvent and the extraction time. This study was conducted to investigate the physicochemical properties of annatto extract using distilled water as a solvent extraction. A randomized block design was employed with two factors, the pH of solvent (4, 7, and 9) and the extraction time (5; 7.5 and 10 minutes) with three replications. Extraction was carried out using the maceration method. The characteristics evaluated were soluble protein, reduction sugar, total soluble solids, and turbidity of extracts. The extraction with pH 7 of distilled water resulted in the highest soluble protein (5.40 mg/ml), reducing sugar (5.40 mg/ml), total dissolved solids (1.18 ^obriks), and absorbancy of turbidity (λ 350) was 0.56. The annatto extraction for 10 minutes resulted in the highest dissolved protein (5.37 mg/ml); total dissolved solids (1.36 ^obriks) and turbidity absorbance (λ 350 nm) of 0.61, while the highest reducing sugar was produced for 5 minutes of extraction.