The purpose of this study was evaluated physiological activity effect of organic germanium in culture broth of germanium-fortified Tricholoma matsutake mycelium and germanium-fortified yeast. Proliferation Tricholoma matsutake mycelium and yeast was inhibited by addition of germanium. Contents of organic germanium in Tricholoma matsutake mycelium and yeast was increased in dose-dependent manner. And low concentration(1,000 ppm) of germanium in mycelium was almost changed organic germanium. In the result of antioxidant activity as SOD-like activity, contents of total polyphenol compound and electron donating ability, activity of germanium-fortified Tricholoma matsutake mycelium was higher than that of germanium-fortified yeast. To evaluate of antitumor effects in vitro, we examined nitric oxide production of Raw 264,7 cell and cytotoxicity of HT1080 cell by MTT assay. Nitric oxide production of germanium-fortified Tricholoma matsutake mycelium was shown low level in low concentration(1,000 ppm) than other groups. The anticancer effect of germanium-fortified Tricholoma matsutake mycelium on HT 1080 cell was indicated a strong inhibitory effect in low concentration(1,000 ppm). These results suggest that organic germanium in culture broth of germanium-fortified Tricholoma matsutake mycelium has valuable physiological activities as antioxidant and anticancer effect, and it was higher than that of germanium-fortified yeast.