The chemical properties and physiological activities of the freeze-dried stromata of Cordyceps militaris were examined. A proximate analysis exhibited that the stromata consisted mainly of crude carbohydrate (74.3%), crude protein (11.5%), and moisture content (8.7%), with a low content of crude ash (4.%) and fat (1.3%). The carbohydrate was mostly composed of glucose (88.6%). A large quantity of essential fatty acids, including linolenic acid (33.8%) was also observed. An analysis of the component amino acid showed a relatively high ratio of the essential amino acids, lysine (101.2 mg/g), methionine (62.7 mg/g), and acidic amino acids of glutamic aicd (57.5 mg/g) and aspartic acid (43.9 mg/g), whereas a low of tyrosine content (4.7 mg/g). An examination of the cordycepin content indicated tht the stromata and mycelium-embedded media (silkworm pupae) contained 0.2% and 0.5%, respectively. From the examination of the physiological activities, based on methanol extract (M), ethylacetate extract (EA), and hot-water extract (HW) fractions of the stromata, the hot-water extract (HW) fraction showed the most potent intestinal immune modulating activity, anticoagulant activity, and anticomplementary activity, whereas the ethylacetate extract (EA) fraction exhihited a radical scavenging activity. Therefore, the results from the present study indicate that the stromata of C. militaris contain various healthy chemical ingredients, and that especially boiled water extract of whole body would apprear to provide beneficial physiological activities.