The objectives of this investigation were to produce artificially an antitumor constituent by submerged culture of the mycelium of Coriolus versicolor (Fr.) Quel., to characterize the influence of various modifications of the nutrient and culture conditions with respect to the pro­duction, to determine chemical composition of the antitumor constituent, and to examine effects of the constituent on the immune response of mice. Submerged agitation of the mycelium in flasks containing a nutrient solution showed its adequate growth. Especially the mycelial growth in the medium containing glucose and yeast extract was abundant. The addition of cotton seed flour or ginseng waste to the medium increased the yield of mycelial growth and the production of the antitumor constituent. The replacement of glucose with starch also yielded the adequate growth. The antitumor constituent extracted from the mycelium and isolated from the culture filtrate was a protein-bound polysaccharide. The analyses of this constituent by GLC and amino acid autoanalysis showed that it contained four monosaccharides and fifteen amino acids. The protein-free polysaccharide of the constituent was also found to exert greater antitumor activity against sarcoma-180 in mice than the entire constituent. The antitumor constituent was found to potentiate the immune response of mice against sheep red blood cell. The protein-bound polysaccharide exerted more favorable influence on the immunity than the protein-free moiety.