This study was conducted to investigate the extraction characteristics of the polysaccharide from Jeseng mushroom (Fomitopsis pinicola Jeseng). Yields of the polysaccharide extracted from powdered mushroom by autoclaving(120, 30 min) with water at different pH and salt concentration were 8.2～9.2% in pH 5～11, 4.7～5.5% in 1～5% salt solution, respectively. The yield by the 0.05～1.0 N KOH-extraction was ranged 3.45～13.20%, while that by HAS-extraction(homogenizing after KOH swelling) using 1～2.5 N KOH 73.6～78.4%. Content of carbohydrate, protein, lipid and ash of the crude polysaccharide extracted from fruits body and its cultured mycelium by method of water extraction, KOH extraction(0.005～1N) and HAS-extraction were ranged 86.5～92.6%, 2.3～13.1%, 0.1～4.2% and 0.1～1.7%, respectively. The polysaccharide were composed of 62.0～77.8 g/g of pentose, 138.0～187.8 g/g of hexose and 21.2～117.3 mg/g of protein. From these results, the polysaccharide extracted was supposed to be a protein-bound polysaccharide.