To screen biologically active components of the higher fungi of Korea, the carpophores of Auricularia polytricha, a well-known edible mushroom, were extracted with 0.14M NaCl solution. The extractive was successively fractionated by adding ammonium sulfate in various amounts, the respective precipitates being weparated by centrifugation, dialyzed and freeze-dried. When a dose of 60mg/kg of each was, i.p., injected into ICR mice, the fraction shich was precopitated at 20% (NH$_{4}$)$_{2}$SO$_{4}$ showed the highest toxicity, killing seven mice within two days. The fraction obtained at 40% (NH$_{4}$)$_{2}$SO$_{4}$ showed the second highest toxicity. The two fractions were named auratoxin I and II after the genus name. The symptoms of the intoxication were convulsion during the first 30 minutes after the injection, then sleeping within an hour, and tremor, lacrimation, nasal and ophthalmic bleeding, congestion and death in 24 hours. Particularly the spleen of the mice was fonud to be enlarged remarkably. The chemical analysis of the toxins showed that auratoxin I consisted of 4.4% protein and 84.5% polysaccharide and that auratoxin II 35.8% protein and 48.0% polysaccharide.