The effect of pH, metal ion and temperature on Coriolus versicolor laccase activity and stability was studied in the paper. Meanwhile, the substrate concentration effect of this laccase is also studied and Km is measured. The results showed: Cu~(2+) and Co~(2+) had activation but Ag~+ had inhibition on activity of laccase. The optimum pH of the laccase was 4.8, and the laccase was stable from pH4 to 4.8. The optimum temperature of laccase was 40 ℃; and the laccase could work continuously under 50 ℃. The Km of the laccase measured 4.2×10~(-3) mol/L.