Single ascospores were isolated and tested their characteristics such as mycelial growth, mycelial density, fruiting body formation ability, the production of perithecia in the breeding of new Cordyceps militaris mushroom. Among them selected isolates were crossed and hybrids were produced showing high quality fruiting bodies in artificial media. New strain 'Dowonhongcho’ was better on SDAY and at 10~25°C when it was compared with that of 'Yedang 3' in mycelial growth. The stromata of new strain were club-shaped and bright orange-red color. Its length was 6.1 cm and the cordycepin content was 0.34% on average. In comparison with 'Yedang 3', the new strain had a yield that was 9% higher and it produced fruiting bodies which were firmer. The optimum temperature for mycelial growth was 22~25°C and the optimum temperature for stroma development was 18~22°C. Days of fruiting body were similar with 45 days from inoculation. This cultivar may serve as a valuable one for artificial cultivation and industrial-scale production of C. militaris.