This study was conducted to examine the physiology of pine mushroom mycelia cultured with various media for artificial culture of pine mushroom. The results obtained were as follows: 1) Among the various media, the medium composed of honey, boiled pine mushroom and soil extract fluid, fibrous root extract fluid, dry yeast, KH₂PO₄ inositol, folic acid, and biotin was the best for the growth of pine mushroom mycelium. 2) The optimum temperature for germinating pine mushroom spore and for culturing pine mushroom mycelium, was 24℃ and the optimum pH was 4.5. 3) There was no significant difference in growth between the mycelium separated from the tissue of pine mushroom sporophore and that separated from the spore. 4) No noticeable effect was found on the growth if such salts as ZnSO₄, MnSO₄, MgSO₄, CaCl₂ and ferric citrate were added to the Hamada`s medium. 5) The addition of fibrous root extract promoted the growth of pine mushroom mycelium. 6) As a carbon source of artificial media, honey was more effective than glucose. 7) The culture infiltration of Mortierlla growing often in Fairy Ring was good for the growth of mycelium compared with the control. 8) The addition of fibrous root extract, inositol, biotin, and folic acid to artificial culture media was greatly effective in growth. When the temperature was lowered 19℃ after mycelium has appeared, the formation of primordium was observed.