The purpose of this study was to elucidate the neuroprotective activities of Ganoderma lucidum water extract (GW) and fermented G. lucidum water extract (FGW). GW was fermented by the lactic acid bacterium Bifidobacterium bifidum (FGWB), followed by Lactobacillus sakei subsp. sakei LI033 (FGWBL). GW and FGW inhibited acetylcholinesterase (AChE) activity in a dose-dependent manner. In terms of cell viability and lactate dehydrogenase (LDH) release, GW and FGW showed neuroprotective activities against H 2 O 2 -stimulated oxidative stress in PC12 cells. Further, GW and FGW reduced H 2 O 2 -stimulated apoptosis, as determined by Hoechst staining. The neuroprotective effects of GW and FGW were found to be caspase-dependent based on reduction of caspase-3 activity and increased cell viability after caspase inhibitor (z-VADfmk) treatment. Taken together, these results suggest that GW and FGW may be useful in reducing risk of neurodegenerative diseases.