The study on separated a fungus named V17 from the natural Cordyceps sobolifera.In liquid fermentation,the average amounts of mycelium is 5.94 g/L in 5 days.The optimal culture conditions: temperature was 28 ℃,the inoculum size was 4%,the shakking rate was 150 r/min.The result showed that in mycelia of Paecilomyces cicadae,the content of mosture,curde protein,curde fat,crude fiber and ash content were 8.91%,27.19%,7.79%,6.20%,1.71%.In addition,the analysis result of bioactive components was:the fungal polysaccharide content of 115.11 mg/g,the cordycepin content was 149.62 mg/g.They were both higher than the natural Cordyceps sobolifera.