The purpose of this study was to investigate extract from mixed culture with Trichloloma matsutake mycelium in oriental medicine and cereal medium(OCM) to develop new material for pharmaceutical products and medicinal food. To evaluate of physiological activity of OCM extracts, we examined ${eta}$-glucan contents, SOD-like activity, nitric oxide production and cytotoxicity by MTT assay. ${eta}$-glucan contents was found to be 52.85% for crude polysaccharide of hot water extracts of OCM(HEE) and 49.74% for crude polysaccharide of ultra sonic waves, micro waves, and micro bubble extracts of OCM (UEE). SOD like activity was showed UE 74.66%, HE 67.16%, UEE 31.34%, HEE 26.10%, respectively. NO production of UEE and HEE, at LPS 1 ug/mL, 1 mg/mL UEE showed 66.62 uM and HEE 45.68 uM. at LPS 10 ug/mL, 1 mg/mL UEE showed 63.91 uM and HEE 51.74 uM. The inhibitory effect against HT1080 was increased dose-dependently in UEE.