The production of biomass, exo- and endopolysaccharides, composition of polysaccharides under different conditions of cultivation, and infrared (IR) spectra of polysaccharides of the medicinal species Cordyceps militaris (L.:Fr.) Link were studied. It was demonstrated that the content of glucose in endopolysaccharides’ composition was 18−40%, and in exopolysaccharides it was 64%. The composition of polysaccharides depended on cultivation conditions and wavelength of light during irradiation of mycelium.