This study was designed to investigate the immunomodulating effect of polysaccharides purified from the fruit body of Pholiota adipose(PFBP). PFBP were extracted in 90°C water bath and precipitated with 90% ethanol. PFBP were orally administered at different dose to three different doses were administered to the normal group, NS group and the model group. The immunomodulating effect of PFBP was evaluated by measuring its effects on the weights of spleen and liver, delayed type hypersensitivity(DTH) response, the hemolysin level in serum and carbon expurgation level. Polysaccharide content purified from fruit body of Pholiota adipose was up to 72.88% . PFBP administered at different doses significantly improved the weights of the mouse’s spleen and live, as well as the level of carbon expurgation. Administered polysaccharides also had positive effect on DTH response and the hemolysin level in serum. These results suggest that PFBP may have immunomodulating potential for cylophosphamide.