The objectives of this work are to determine the optimal culture conditions in liquid-state fermentation for production of P. ferulae, and to investigate the effects of P. ferulae extracts on viability of human cancer cell lines for screening the antitumor substances contained in P. ferulae. The optimal medium composition was glucose 5%, polypeptone 1%, yest extract 0.8%, K2HPO4 0.12%, and MgSO4 ·7H2O 0.12% (w/v). By using the optimized medium, mycelial and exopolysaccharide concentrations after 10 days with a 5-L jar fermenter were 13.2 g/L and 4.95 g/L,respectively. We proposed logistic model to describe the mycelial growth and Leudecking-Piret model for exo-polysaccharide formation in P. ferulae. As the results, developed model showed good agreement mycelial growth and exo-polysaccharide production. Ethanol extracts of P. ferulae fruiting body(PFF) showed strong cytotoxuicity against A549 cells at concentrations over 10 μg/mL. Also, PFF ethanol extracts induced synergistic effect on TRAIL-induced apoptosis in A549 cells, which were strong resistant to TRAIL. These results indicated that ethanol extracts of PFF were the most prominent antitumor agents for lung cancer cells (A549).