This study was carried out to investigate the feasibility of Salix gracilistyla production for cosmetic use through mycelial fermentation. The efficacy of this method was confirmed by fermentation using the mycelia of Ganoderma lucidum (a representative medicinal mushroom). Total polyphenol and flavonoid content and DPPH radical scavenging activity of S. gracilistyla extract (SGE) were found to be higher than those of G. lucidum fermented S. gracilistyla extract (GLSGE). GLSGE had relatively lower collagenase activity than SGE. However, GLSGE increased HDFn cell viability more potently than SGE, and increased the biosynthesis of type I procollagen. Thus, GLSGE could be used as an anti-aging cosmetic active ingredient. These results indicate that extract fermentation using G. lucidum mycelia can effectively enhance some beneficial effects of functional materials.