Sarcodon aspratus (Thelepholaceae), a native mushroom, is distributed in Korea and Japan, and has been widely used in traditional food and fork medicines. To confirm the biological activities of Sarcodon aspratus, the liver protecting activity, anti-clotting activity, and anti-complementary activity of the water extract, EtOH extract, and the water soluble proteoglycan part of S. aspratus were investigated. The EtOH, and water extract of S. aspratus decreased the GOT and GPT releases induced by $CCl_4$ in a dose-dependant manner. On the other hand, the water soluble proteoglycan part of S. aspratus showed weak inhibitory activity. In addition, the EtOH and water extract of S. aspratus prevented $CCl_4-induced$ hepatotoxicity, as described by a liver histopathologic study. To confirm the anti-clotting activity, the APTT and PT assay were carried out. As a result, only the crude proteoglycan part of S. aspratus showed the anti-coagulating activity, and this result might be due to the inhibition of intrinsic clotting system. Also, the crude proteoglycan part of S. aspratus showed the anti-complementary activity, and the $IC_{50}$ value was $50;{mu}l/ml$.