The effect of punching treatment on bags containing sawdust medium for the stable production of fruiting bodies of Lentinula edodes 'Hwadam' was investigated. After spawn inoculation, the sawdust medium temperature and CO₂ concentration reached 27.0–28.8℃ on the 23 rd day of incubation, and 14.0–15.6% on the 16 th day of incubation, respectively, decreasing thereafter. The O₂ concentration showed an opposite pattern to the CO₂ concentration. As the number of punching treatments on the medium increased during the incubation period, the lightness value decreased, and conversely, the color difference and weight loss rate increased. There was no difference in the cultivation period according to the punching treatment. As the punching treatment increased on the sawdust medium, the fruiting body yield increased; a three-time punching treatment produced the best yield with 605.7 g. Thus, proper punching treatment on a sawdust medium during the incubation period can increase the number of fruiting bodies and yield.