The experiments were conducted to provide information on the chemical concentrations and cultural characteristicsin the periods of hyphal incubation, primordial formation, and fruiting bodies yield of winter mushroom, Flammulina velutipes atthe mixture ratio of the raw materials. Substrates were analyzed for pH, total carbon (T-C), total nitrogen (T-N), and C/N ratio. Incase of Flammulina velutipes, yield of fruiting bodies were 190.5 g/850 ml in the substrates, [Corn-cob + Rice bran + Soybeancurd residue (75:20:5)], which was increased 20.4% more than the control, [Douglas fir sawdust + Rice bran (75:25)]. But theperiods of hyphal incubation took 28 days, which was 7 days longer than the control. Also, in the substrates [Douglas fir sawdust+ Rice bran + Soybean curd residue (75:20:5)], the yields was 172.7 g/850 ml and the periods of hyphal incubation was 21days.