After bearded tooth mushroom (Hericium erinaceum) mycelia were cultivated in mushroom complete medium (MCM) supplemented with ginseng extract (GE, $65^{circ}$Bx) to enhance immunostimulation and anti-metastasis, the submerged culture containing culture broth and mycelia was lyophilized (SC). Hot-water extract from SC cultivated in MCM supplemented with GE-5% (v/v, a ratio of MCM volume to GE, HE-GE-5-HW) showed significantly higher mitogenic activity (1.74 fold of the control) and IL-2 production (2.10 fold) than those of SC without GE (HEHW) at 100 ${mu}g$/mL. The intestinal immune modulating activity was also obtained in HE-GE-5-HW (1.82 fold) whereas HE-GE-3-HW (GE-3%) had the most effective macrophage stimulation (1.88 fold) and tumor necrosis factor (TNF)-$alpha$ production (3.59 fold). In addition, intravenous administration of HE-GE-3- and 5-HW significantly inhibited the experimental lung metastasis of colon 26-M3.1 cells (61.2 and 67.2%). HE-GE-5-HW mainly contained neutral sugar (72.0%) in addition to small amounts of protein (9.2%) and uronic acid (3.9%). Furthermore, the activities of the GE culture were high compared with the culture without GE, indicating that GE helped enhance the physiological activities of bearded tooth mushroom.