We have isolated an anti-complementary polysaccharide from the hot water extracts of Phellinus linteus mycelia. Anti-complementary polysaccharide, PL-5-IIIa, was purified by ultrafiltration, gel permeation chromatography using Sepharose CL-4B. GPC (Sepharose CL-4B) and its homogenicity was demonstrated by HPLC. Using gel permeation chromatography with standard dextrans, its molecular weight was determined as about 800,000 dalton. The purified PL-5-IIIa was identified as a protein bound polysaccharide comprising of 29.6% protein and 64.2% carbohydrate which was composed of fucose(15.8%), galactose(43.1%) and mannose(40.6%).