This study relates to low and medium molecular weight isoflavone-${eta}$-D-glucan produced by submerged liquid culture of Agaricus blazei, a method of producing the isoflavone-B-D-glucan using autolysis enzyme of Agaricus blazei mycelia, and use of the isoflavone-B-D-glucan for anti-cancer and immunoenhancing effect. In acordance with one aspect of the present study, it deals with a method of producing isoflavone-${eta}$-D-glucan, which comprises the followings; 1) culturing and separating mushroom mycelia, 2) producing low-medium molecular weight isoflavone-${eta}$-D-glucan from high molecular weight one. The cytotoxicity on human cnacer cell line (Caco-2, MCF-7), the expression of Cyclin D, Bcl-2, Bax protein, p21 protein, p53 protein in MCF-7 cells assessed by SDS-PAGE and immunoblotting, and other immuno related factor such as TNF-a and IL-1B activities were examined. Structural identification of isoflavone-${eta}$-D-glucan which shoed cytotoxicity against cancer cell and immunoenhancing effects was carried by separation with DEAE-cellulose column chromatography, TLC, HPLC, IR, NMR, Clinical test for the cancer patients (n=119) for 6 month was carried out, and immunoenhancing factors(NK cell number, ratio of T4/T8) were checked. We concluded the identified isoflavone-${eta}$-D-glucan has immuno enhancing effects and could be useful for cancer chemoprevention.