Objectives : To examine physico-chemical properties of the polysaccharide extracted from fruit body and mycelia of Ganodem lucidum IYOO5, which had been isolated from Kwangneung in Gyeonggi Province, Korea. Methods : Polysaccharide was extracted with hot water treatment and then purified with ethanol. We determined carbohydrate contents, composition of amino acids, infra-red spectrum and pattern of molecular weight. Results : Carbohydrate and protein contents of polysaccharide of fruit body was 49.5% and 37.7%, mycelia was 47.2% and 33.5%, respectively. The carbohydrate consisted of five monosaccharides and the protein contained 16 amino acids, and also molecular weights were 67 kD and 46 kD. Conclusion : The polysaccharide of fruit body and mycelia was shown an absorption band characteristic of the -glycosidic linkage by infra red spectra. These results suggest that the polysaccharide extracted from fruit body and mycelia may similar properties with respect to physico-chemical.