The invention discloses a grifola frondosa mycelium anti-tumor glycoprotein and a preparation method, and belongs to the technical field of bioengineering. The glycoprotein is prepared by the following steps: using submerged fermented grifola frondosa mycelium as a raw material, homogenating and crushing, extracting with cold water, centrifuging, taking supernatant, precipitating with ammonium sulfate, dialyzing, and carrying out DEAE (diethyl-aminoethanol) -sepharose Fast Flow and superdexTM 75 prepgrad column chromatography and other steps to systematically separate and purify. The glycoprotein is a compound of polysaccharide and protein, wherein polysaccharide is 2-10% in content and composed of four monosaccharides including arabinose, fructose, mannose and glucose; the protein is 30-90% in content and composed of 17 amino acids including aspartic acid, methionine, glutamic acid and so on; the molecular weight of the glycoprotein is 30-90 KDa. The glycoprotein can inhibit growth of human gastric carcinoma cell SGC-7901 and human breast cancer cell MCF-7, and can be used for preparing a possible anti-cancer drug. Besides, the grifola frondosa mycelium anti-tumor glycoprotein can be generally applied to separation and purification of glycoprotein obtained from mycelium of various officinal and edible fungi through submerged fermentation.