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The purpose of this study is to find out the effect of leverage on the level of cash holdings and to help manager 's decision making. For this purpose, 46 out of 53 domestic foodservice companies, which have financial statements, confirmed the following results. First, the cash holding ratio is 63.398%, which indicates that a considerable amount of cash is needed to operate a foodservice companies. In addition, leverage is 55.335%, which is well managed. As for other variables, it is considered that the foodservice companies operate trend-oriented according to the consumption trend. Second, although the correlation coefficient is not high in the correlation analysis, most of them are related. In particular, cash holdings and leverage could be replaced, and leverage could be adjusted based on liquidity. Also, the higher the cash flow ratio, the higher the cash holdings. Third, the indicators that have an influence on the level of cash holdings are leverage, firm size, ratio of operating income to sales and net working capital. If leverage is high, or the size of the firm is large and the liquid assets are available, then the company does not need to hold a lot of cash. However, if the operating profit margin is high, cash inflow will increase. This suggests that the leverage of the food service company will affect the level of cash holdings, and it will be possible to secure cash by using liquid assets.