Provided is a method for cultivating lignicolous lucid ganoderma with walnut shells as a culture medium. The walnut shells are smashed, the walnut shells are placed in warm water for soaking, after soaking, soaking liquid is removed, and hydrolysable tannin is removed preliminarily; soybeans and water are subjected to soaking together, continuous soaking is carried out at the temperature of 20 DEG C-28 DEG C for 10 h-12 h, smashing is carried out, and soybean milk is formed; and after being soaked in the soybean milk and the water, the walnut shells are subjected to full stirring and combining, even mixing is carried out, sealing is carried out at the temperature of 10 DEG C-15 DEG C for 90 h-98 h, the processed walnut shells are placed at an oven, drying is carried out, the walnut shells, cotton seed hulls, rice bran, glucose and calcium phosphate after processing are subjected to rewatering, full stirring and even bagging, after bagging, sterilization is carried out, the walnut shells are cooled to room temperature, ganoderma lucidum strains are inoculated, breeding is carried out in an incubator of 23 DEG C-28 DEG C, and the mycelial growth conditions are observed at regular intervals until lucid ganoderma buds are formed. A semisolid low-temperature fermentation technology is used for damaging the bacteriostasis of tannin, growth of lignicolous lucid ganoderma is promoted, and hydrolysable tannin is effectively lowered.