The genuine aglycone, 20(S)-protopanaxadiol, obtained from the leaves of Panax ginseng as a result of direct alkaline treatment was isolated and characterized by spectroscopic evidences. The study on the yield of genuine aglycone which is produced from the treatment of some kinds of alkali was carried out. $Ginsenoside-Rh_2$ was synthesized by conjugation of 2,3,4,6-tetra-O-acetyl-${alpha}$-D-glucopyranosyl bromide to 20(S)-protopanaxadiol in the presence of silver carbonate and cadmium cabonate. The preparation of $ginsenoside-Rh_2$ by this method is a new one which the yield of this saponin can be improved in the mild condition.