Analysis of isozymes was carried out against wild and cultivated commercial stocks of Flammulina velutipes to analyze their genetic differences. Esterase isozymes from F. velutipes showed many bands and variations among the different stocks on the gel. The stocks of F. velutipes in Japan were largely classified into three groups (tentatively named groups A, B, and C) according to the cluster analysis of esterase isozymes. Some characteristics of the three groups were examined. Group C was characterized by a larger spore size, slower spawn running, and a paler pileus color than groups A and B. Furthermore, group B showed a smaller spore size, slower spawn running, and paler pileus color than group A.