This study reports the detection, by biochemical methods, of extracellular enzymes related to the biological activity of nine strains of the complex Metarhizium anisopliae (Metsch.) Sorokin. We determined the pathogenic capacity against the insect Cylas formicarius Fabricius at different concentrations, calculated the lethal time and concentration, and analyzed both the presence of extracellular enzymes in the fungal strains as well as their relation to the entomopathogenic effect and virulence against C. formicarius. All strains of the M. anisopliae complex studied were pathogenic with an enzymatic activity index greater than 1. The LBM-30 strain was the most effective with presence of protease, chitinase, caseinase, amylase and lipase enzymes. This result corroborates the relationship between of the enzymatic activity with the observed virulence.