Shenqi-wan, Oriental herbal medicine formulation, has traditionally been used for the treatment of delayed mental and physical development in children, complications of diabetes, and glomerulonephritis. In the present study, we investigated the protective effect of the aqueous extract of Shenqi-wan and its fractions against N-methyl-D-aspartate (NMDA)-induced exitotoxicity in rat hippocampal CA1 neurons. Fractions were elucidated at 0 - 10 min, 11 - 20 min, and 21 - 30 min by using gravity column chromatography method. In the present results, treatment with NMDA on cultured hippocampal slices induced neuronal death in the hippocampal CA1 region. Pretreatment with the Shenqi-wan did not exerted protective effect, however its fractions suppressed NMDA-induced neuronal damage. The fraction elucidated at 11 - 20 min showed the most potent protective effect. These results revealed that effective substances of the Shenqi-wan against NMDA-induced excitotoxicity may exist mainly in the fraction elucidated at 11 - 20 min.