Ethanol extracts from the edible mushroom hinmogi (Tremella fuciformis, TF) were used in the investigation of effects on $alpha$-glucosidase in vitro and on glucose-uptake in 3T3-L1 mature adipocytes. Addition of the extract significantly inhibited $alpha$-glucosidase from small intestine of porcine and of rat (about 42 and 35% of control, respectively), and stimulated glucose uptake (about 100% of control), of which activity was higher than that of maitake (Grifola frondosa) X-fraction, a well known anti-diabetic substance. When the ethanol extracts were further partitioned successively by organic solvents and purified by silica gel chromatography, the non-polar layer (F-7) from hexane layer showed highest stimulatory activity of glucose-uptake among layers tested. The major components of the F-7 were 1-monooleoylglycerol and 1-monopalmitoylglycerol. Our report is the first description of TF with stimulatory activity of glucose-uptake. These results suggest that TF extracts may constitute a new source of glucose transport activator and could be employed as a potential anti-diabetic material for treatment and preventing diabetes.