An extracellular pigment production of three Phellinus sp. (Phellinus 421, P. linteus and P. hartigil) through submerged cultivation was investigated. The maximum brown pigment from culture broth was obtained from the precipitate by addition of 10% 1M HCI solution. This precipitate showed absorption characteristics with ${lambda}_{max}$ of 360nm. The maximum production of extracellular pigment obtained at optimum medium and culture condition was 3.54 ($A_{360}$). The precipitate was fractionated by Sephadex G-75 gel chromatography, and the isolated brown pigment contained a large amount of polyphenol and the small amounts of sugar and protein. The brown pigment fraction was stable in temperature range of $30{sim}60^{circ}C$, pH range of $4{sim}6$, sugar addition ranges of $1{sim}5%$ and salt addition concentration of 3 molarity. Antioxidative activity of the brown pigment by TBA method was better than that of vitamin E (${alpha}$-tocopherol).