The ethylacetate soluble fraction of Panax ginseng extract, which has been reported to exhibit hematopoietic effect, was divided into three subfractions, i.e., Fr. I, Fr. II and Fr. III by silica gel column chromatography. The hematopoietic effect of each subfraction was examined in rats treated with anticancer agent, Ara-C($1-{eta}-D-arabinofuranosylcytosine)$). Among them, Fr. III showed 90% recovery of leucocyte and erythrocyte counts in bonemarrow cell depleted rats, suggesting it to be hematopoietic fraction. From Fr. III, two major compounds were isolated and identified as ginsenoside $Rh_1$ and $Rg_2$ by $^{13}C-NMR$ and degradation method.