To examine physico-chemical properties of the polysaccharide extracted from liquid-cultured mycelia of Schizophyllum commune, each the polysaccharide was extracted with hot water treatment and then fractionated with ethanol, alkaline solution and ultrafiltration. And we determined carbohydrate contents, composition of amino acids, infra-red spectrum and viscosity. Carbohydrate contents of polysaccharide treated with ethanol and ultrafiltration were 72.0% and 62.3%, and proteins content were 15.3% and 32.0% respectively. The carbohydrate consisted of four monosaccharides and the protein contained 16 amino acids. The polysaccharide obtained from ultrafiltration was shown an absorption band characteristic of the β-glycosidic linkage by infra red spectra. These results suggest that the polysaccharide extracted from Schizophyllum commune showed the characteristics of protein-bounded polysaccharide, and it was β-glycosidic linkage with strong viscosity.