Although its demand increased greatly due to the volatile strong flavor and bioactive molecules, little information has been about the cultural characteristics of Tricholoma matsutake. In this study, we investigated the optimal medium composition of liquid culture with the goal of shortening the culture period, and to maximize polysaccharide production and mycelial growth. From these experiments we found that the optimal medium contained 40 g/L, glucose; 30 g/L, yeast extract; 1.5 g/L, $KH_2PO_4$; and 1 g/L $MgSO_4{cdot}7H_2O$. In flask culture, the maximum mycelial growth and polysaccharide production were 22.45 and 5.3 g/L, which were about 9 and 3 g/L higher than that at the basal medium, respectively.