In order to utilize and develop the rare Yadong edible fungus(Exidia sp.) better, the growth and metabolism culture conditions of the mycelium were explored. Effects of the culture mediums and the different conditions on mycelium growth rate, biomass, and secondary metabolites production were investigated. The results showed that glucose was the most suitable carbon source for mycelial growth, and soluble starch was the most suitable carbon source to obtain maximum biomass and metabolic product yield. Yeast extract was the most suitable nitrogen source for growth and metabolism. CaCl₂ was the optimal inorganic salt while vitamin B₁ and B₂ had no significant effects on promoting mycelial growth. HPLC fingerprint results showed that compounds of secondary metabolites were as many as 200 kinds and initial pH and temperature factors had more obvious influences on the secondary metabolic diversity.