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In this study, the evaluation as functional foodstuffs of mycelium and used culture solution obtained from liquid culture of mycelium of Agaricus blazei Murill mushroom was examined. The liquid culture of mycelium was operated using a bioreactor having effective volume of 1L. The maximum duration of culture was about 48 hours after the inoculation. Both harvested mycelium and used liquid culture possessed significant-D-glucan content, and the ethanol-extracted product from the harvested mycelium was proved to be highly effective on anti- allergic activity of suppressing the physiological activities of hyaluronidase and -hexosaminidase releasing from rat basophilic leukemia (RBL-2H3) cells stimulated by antigen stimulation. Neurite outgrowth and acetylcholinesterase of rat pheochromocytoma cell line PC12 were also activated by the mycelial extract with hot water and ethanol.