The effects of agitaion and aeration on mycelial growth, exo-polysaccharide (EPS) production, and substrate consumption upon the submerged cultivation of G. lucidum were investigated, and the batch kinetics of the EPS fermentation of G. lucidum were interpreted as function of agitation speed and aeration rate. In a 2.6 L jar fermenter system, the optimum agitation speed and aeration rate for EPS production were determined to be 400 rpm and 1.0 vvm, respectively. The maximum production of EPS obtained was 15 g/L. The logistic model for mycelial growth fitted the experimental data better than that determined by the Monod and the two-thirds power models. The Luedeking-Piret equation adequately modelled the kinetic data obtained for product and substrate.