The purposes of this study were to investigate enzyme components and its physiological activities of Sarcodon aspratus (Berk.) S. Ito which grows wildly in Korea, belonging to the family Thelephoraceae. The carpophores of the fungus was extracted with cooling distilled water and salted out by ammonium sulfate. The precipitate was purified by dialysing through visking tube against distilled water and then dissolved with pH 7.8 ammonia aqua, and the extract was filterated. The fraction of filtrate was obtained as light brown powder after lyophilization and determined proteolytic activity. Protease activity of Sarcodon aspratus (Berk.) S. Ito was about two-third of that of pepsin on casein by cup method. The proteolytic potency of this enzyme was found to be 500 unit/mg. This proved the efficacy of the mushroom when it was used as a folk medicine for treating indigestion of beef.