Sparassis latifolia is a useful medicinal mushroom that has recently gained popularity in Asia. It has a rich flavor and is a good source of nutrients contains a large number of polyphenols for a functional food or dietary supplement. In addition, S. latifolia is rich in beta-glucan and gamma-aminobutyric acid (GABA). These two compounds have been reported to show immune-stimulating and anticancer effects by numerous studies. In this study, four species of lactic acid bacteria (Lactobacillus plantarum subsp. plantarum, L. acidophilus, L. helveticus, and L. delbrueckii subsp. bulgaricus) were used to ferment the fruiting body of S. latifolia. Fermented S. latifolia extracts were found to have a higher polyphenol content and antioxidant activity following fermentation as well as increased protease activity.