In order to investigate the antitumor components of Korean wild higher fungi, the carpo-phores of Pholiota squarrosa collected in Kaung Nung area were extracted with water by refluxing for eight hours at 80-90.deg. C. The extracts were dialized for six days against distilled water and lyophilized to produce crude polysaccharide powders. They were found to have the antitumor activity against sarcoma 180 implanted in mice. Especially, the inhibition ratio of the extract of Pholiota squarrosa was 78.7% in the dose of 20mg/kg/day for the period of ten days. The tumor in two of the ten mice was completely regressed. The components of these aqueous extracts were found to be polysaccharide and protein. The total polysaccharide was 42% by Anthrone method and the protein was 55% by Lowry-Folin method in the antitumor component of Pholiota squarrosa.