A Lucid Ganoderma cultivation bag material comprises, by weight percent, 25-35% of beanstalk crumbs, 20-30% of soybean dregs, 33-53% of sawdust, 2% of land plaster, and soybean whey which is 1-1.2 times of the cultivation bag material in weight. A method for cultivating Lucid Ganoderma by the Lucid Ganoderma cultivation bag material includes firstly, performing moist heat sterilization to the Lucid Ganoderma cultivation bag material at high temperature and high pressure, cooling, and inoculating a Lucid Ganoderma strain; secondly, cultivating with mycelia for 35-50 days to sprout; and thirdly, continuing to cultivate for 30 days, and sprouting and controlling to obtain ripe Lucid Ganoderma fruiting bodies. The soybean dregs contain sufficient phosphorus and vitamin, and the pH value, variation with time, of the soybean dregs fits with required environment for growth of Lucid Ganoderma. By the Lucid Ganoderma cultivation bag material, high-quality and high-yield Lucid Ganoderma fruiting bodies can grow, waste utilization of the beanstalk, the soybean dregs and the soybean whey is achieved, and primary chemical and medicinal compositions of the cultivated Lucid Ganoderma and content of Lucid Ganoderma triterpenes are higher than those of marketable Lucid Ganoderma.