Objectives: In this study, the author aimed to evaluate the effect of EtOH extract of Ganoderma lucidum (GLE) on osteoblast proliferation in rat fetus calvarial cells. Methods: The osteoblast separated from rat fetus calvariae was cultivated for 6~21 days and evaluated the cell function. After the addition of GLE on the culture medium, we determined the effect of GLE on the cell viability, cell proliferation, bone matrix protein synthesis, alkaline phosphatase (ALP) activity, collagen synthesis and calcified nodule formation of the cultivated osteoblast. Results: GLE did not change the survival rate of rat calvarial osteoblast. GLE increased the proliferation of rat calvarial osteoblast. GLE increased ALP activity of rat calvarial osteoblast. GLE increased bone matrix protein synthesis of rat calvarial osteoblast. GLE increased collagen synthesis of rat calvarial osteoblast. GLE slightly affected calcified nodule formation of rat calvarial osteoblast. Conclusions: This study suggests that Ganoderma lucidum might improve the osteoporosis resulted from augmentation of osteoblast proliferation.