Denise Fergus was speaking yesterday ahead of the 20th anniversary of her son's death in Liverpool.
Venables and Robert Thompson were aged 10 when they were jailed for James's murder. They were released on licence with new identities in 2001.
Venables's parole was revoked and he was sent back to prison in 2010 for child pornography offences.Now he has made a fresh plea for freedom.
Mrs Fergus said in an interview she thinks it is far too soon for him to be freed.
She said: "I still believe he's a great danger to be on the outside and I still do believe he should spend a lot more time on the inside."
Asked whether she thought Venables should be released given he had already spent his childhood in prison, Mrs Fergus said: "He didn't spend most of his childhood in prison – he only did eight years.
"He went to a young offenders [institute] where he was totally looked after, given the best care of everything. He was given everything he asked for.
"So, you know, in my eyes he got a better education, a better lifestyle than he had before he went in."
Speaking about the approaching 20th anniversary of James's death, Mrs Fergus said: "It's really hard because I'm trying to get on with my life now with my three boys and my husband, Stuart.
"Every time I seem to pick myself up, something comes up and it takes me back down again. But I've always said I'll fight for justice for James and that's exactly what I'll do. I am his mum and I am still here for him and I'll do whatever it takes and I'll just keep on fighting."
When asked if Venables should be given another chance, Mrs Fergus said: "He was given another chance and he blew it.
"I don't think any more money should spent on him and, if and when he is released, I don't think he should be walking free.
"I strongly believe he should be tagged and also, if he is allowed to have a computer again, I think that should be monitored."