Objectives : The purpose of this study was evaluated hypoglycemic effect of culture broth of germanium-fortified Tricholoma matsutake mycelium and yeast. Methods : We examined $alpha$-glucosidase inhibitory activity, blood glucose level, concentration of serum lipid, and serum metabolic variables of Tricholoma matsutake mycelium and yeast fortified Germanium. in streptozotocin induced diabetic rat. Results : In the $alpha$-glucosidase inhibitory activity, germanium-fortified yeast was significantly higher than germanium-fortified Tricholoma matsutake mycelium. The hypoglycemic effects of germaniumfortified Tricholoma matsutake mycelium was higher than germanium-fortified yeast. The activity of alkaline phosphatase(ALP), aspartate aminotransferase(AST) and alanine aminotransferase(ALT) was significantly lower in the germanium-fortified Tricholoma matsutake mycelium and yeast than in diabetic control(DC) group and diabetic positive control(PC) group. The concentration of total cholesterol and triglyceride of germanium-fortified yeast was significantly lower than germanium-fortified Tricholoma matsutake mycelium, DC group and PC group. Conclusions : The results suggest that germanium-fortified Tricholoma matsutake mycelium and yeast have improvement effects in blood glucose, serum lipid and liver function.