The invention provides a culture medium for cultivating coprinus comatus, which is composed of chestnut shells, crop straws or corncobs, dry livestock manure, calcium superphosphate, quick lime, enzyme bacterium and water. The method utilizing the culture medium to cultivate the coprinus comatus comprises the following steps: first, uniformly stirring all raw materials to produce a base material; second, stacking the base material for fermentation; third, bagging the fermented base material for inoculation so as to produce bacteria sticks; fourth, placing the bacteria sticks in a bacteria cultivating room; fifth, debagging the bacteria sticks so as to allow the bacteria sticks to be stood in a bed and is covered with soil; sixth, carrying out water spray management; and seventh, picking the coprinus comatus. According to the invention, the chestnut shells are basic material of the culture medium which is green and pollution-free, the cultivating process is simple, and the production cost is low; and the coprinus comatus is high in yield, good in quality, and high in biotransformation efficiency.