Abstract:A wild strain（SK-4）parasitizing mulberry in Liaoning was identified based on the morphological characteristics and internal transcribed spacer（ITS）sequence.The optimal culture conditions were determined by single factor experiments，and different extracts of fruiting bodies were measured in terms of the content of flavonoids，polyphenols，and polysaccharide and antioxidant activity.The strain SK-4 was identified as Inonotus hispidus.The optimal conditions for the mycelial growth were sucrose as the carbon source，yeast powder as the nitrogen source，pH5.0，and 25-28 ℃.The content of polysaccharides，flavonoids，and polyphenols and the antioxidant activity were significantly different between the ethanol extract and the water extract.The 70% ethanol extract showed significantly higher antioxidant activity than the water extract.The polysaccharide of fruiting bodies mainly existed in the water extract.The content of polysaccharide had a moderately positive correlation with the 1，1-diphenyl-2-picrylhydrazyl（DPPH）free radical scavenging activity（R2=0.557）and negative correlations with total antioxidant capacity and hydroxyl free radical scavenging activity.The 70% ethanol solution was suitable for the extraction of flavonoids and polyphenols，the content of which had positive correlations with the total antioxidant capacity and hydroxyl radical scavenging rate（R2＞0.95）and a negative correlation with the DPPH free radical scavenging activity.