The invention provides a phellinus igniarius fermentation medium. The medium comprises the following components by weight: 10-15 parts of glucose, 15-20 parts of sucrose, 15-25 parts of corn powder, 10-20 parts of soybean meal, 0-10 parts of yeast powder, 5-10 parts of wheat bran powder, 0.25-1 part of MgSO4, 2 parts of Cacl2, 0.1-0.5 part of VB1, and a 4-8g/L mulberry twig aqueous extract. The medium can greatly improve the mycelial biomass and bioactivity of phellinus igniarius, the mycelial biomass is up to 3.0%, and other bioactivity indexes are as the following respectively: 0.26% for adenosine, 2.24% for polysaccharide, 0.37% for ergosterol, and 12.45% for mannitol. When the mulberry twig aqueous extract is added, the mycelial biomass can reach 3.5%. Therefore, the fermentation medium provided by the invention has the advantages of high mycelium biomass, high bioactivity, controllable quality, application to pilot scale production already and the like.