Seleno-Ganoderma lucidum polysaccharide was prepared from Ganoderma lucidum polysaccharide which was precipitated by 80% ethanol. The selenium content of this polysaccharide was as high as 40 mg/g. The immunological function of seleno-Ganoderma lucidum polysaccharide was investigated by leukocyte phagocytosis test and in vitro anti-tumor test. The results showed that this polysaccharide could promote the leukocyte phagocytosis in mice and effectively inhibit H22 cells in vitro.