Flammulina velutipes fruit body, Flammulina velutipes mycelium and Cordyceps militaris mycelium were analyzed fortheir proximate composition, protein-bound polysaccharide, nucleic acid and amino acids. The content of ash and crude fiber inF. velutipes fruit body were higher than F. mycelium and C. militaris mycelium. C. militaris mycelium showed the highest crude fatcontent while F. velutipes fruit body had lowest. Nitrogen free extract content of the samples varied from 56.8% in F. velutipesfruit body to 61.9% in F. velutipes mycelium. The compositions of total protein and total free sugars of protein-boundpolysaccharide were found to be significant differences for all samples. Nucleic acid related compounds were identified the 5'-GMP, 5'-XMP, 5'-IMP in all samples. The content of total nucleic acids were high in the orders of F. velutipes myclial (286.71mg%), F. velutipes fruit body(187.36 mg%) and C. militaris mycelial(76.85 mg%). The highest content of 5'-GMP was found in F.velutipes fruit body. The most nucleic acid of F. velutipes mycelial and C. militaris mycelial were the 5'-XMP. As for the analysis oftotal amino acids, seventeen amino acids were identified by HPLC and the major amino acid was glutamic acid in all samples.The content of total amino acids were high in the orders of F. velutipes fruit body(19,919 mg%), F. velutipes mycelium(19,018mg%) abd C. militaris mycelium(18,965 mg%). We determined the developing new food product such as amino acid drink andamino acid containing food using extracts of Flammulina velutipes fruit body, Flammulina velutipes mycelium and Cordycepsmilitaris mycelium.