The effect of the nitrogen content of sawdust medium (1.2~1.8%) and the restriction stage temperature (2, 4, and 6oC) on the growth and storage characteristics of Flammulina velutipes (winter mushroom) were investigated. With increased nitrogen content, the growth days shortened and the yield of the fruiting body increased. The effect of restriction temperature on the growth of the fruiting body differed depending on the nitrogen content. No difference in restriction temperature was evident for T1 with a low nitrogen content of 1.28%. In medium with a nitrogen content ≥1.55%, the yield and length of the pileus and stipe increased as the restriction temperature decreased. The weight loss ratio according to the storage period did not change according to the nitrogen content in the medium. A low weight loss ratio of 1.50 to 1.93% was observed at a restriction temperature <4oC. When T3 with high nitrogen content in the medium was treated at a restriction temperature of 4°C, the fruiting body color values after 31 days of storage were 84.81 (L) and 6.3 (ΔE). This color change was minute compared to that after other treatments. The sensory characteristics score was 5.2 after 31 days of storage, and the quality remained acceptable for consumption.