The Trametes versicolor genome is predicted to encode many enzymes that effectively degrade lignin, making it a potentially useful tool for biopulping. However, the wood degradation mechanism of T. versicolor is not clear. To identify the enzymes that contribute to lignocellulose degradation, changes in the T. versicolor transcriptome during growth on poplar wood, relative to growth on glucose medium, were evaluated. Eight hundred and fifty-three genes were differentially expressed, with 360 genes up-regulated and 493 genes were down-regulated on poplar wood. Notably, most genes involved in lignin degradation were upregulated, including eight lignin peroxidase (LiP) genes. Genes encoding cellulose and hemicellulose degrading-enzymes were mostly downregulated, including six endo-β-1,4-glucanase genes and three cellobiohydrolase I genes. These results characterized transcriptomic changes related to lignocellulose degradation. This information could be used to develop T. versicolor as a tool to improve the efficiency of lignin degradation or to provide a theoretical foundation for a new paper pulp manufacturing process.