Abstract: EEM-S obtained by extracting with hot water or a lower alcohol at least one mushroom selected from among Lentinus edodes, Flammulina velutipes, Hypsizygus marmoreus, Pleurotus ostreatus, Pholiota nameko, Grifola fondosa, Volvariella speciosa ver. speciosa, Lyophllum decastes, blanc du pays, Tricholoma matsutake, Ganoderma lucidum and Phellinus yucatensis, treating the obtained extract by the molecular sieve method and thus eliminating low-molecular-weight and high-molecular-weight fractions: and preparations thereof. This EEM-S exerts physiological effects such as anticancer, immunopotentiating, antioxidative, hypotensive and hypoglycemic effects.