To investigate antitumor components in Korean higher fungi, the carpophores of Pholiota squarrosa belonging to the family Strophariaceae were collected and extracted with hot water. A protein-bound polysaccharide fraction was obtained by adding ethanol to the extract and by dialyzing through Visking tube. The fraction was examined for antitumor activity against sarcoma 180 implanted in mice. It showed an inhibition ratio of 78.7% at the dose of 20mg/kg/day. The tumor in two of the ten mice was completely regressed. The chemical analysis of the antitumor fraction by Anthrone and Lowry-Folin methods showed that it consisted of 42% polysaccharide and 55% protein. The enzyme fraction of the carpophores showed no proteolytic activity on casein.