For the efficient production of a new exo-polysaccharide from Ganoderma lucidum ASI 7004, the optimum conditions and methods in submerged cultivation were investigated with an airlift fermenter system. The optimum aeration rate was 2.5 Wm at the initial pH 5.0 and 28$^{circ}C$. The increase of dissolved oxygen concentration by pure oxygen supply during cultivation did not improved the exo-polysaccaride production and the mycelial growth. The maximum exo-polysaccharide production and the mycelial growth under the optimum culture condition were obtained in media of glucose 60g/L, yeast extract 6g/L, (NH4)2HPO4 1g/L and KH2PO4 0.5g/L. Under these optimum medium and culture conditions, about 7.15g/L of exo-polysaccharide and 13.9g/L of mycelial growth were producted, respectively.