Grifola frondosa has been used as an herbal medicine for the treatment of cancer, diabetes mellitus and high blood pressure. In this study, functional polysaccharide was obtained from Grifola frondosa using four different extraction methods: hot water(HwFP), homogenize(HgFP), acid(AcFP), and alkali(AlFP) extraction methods. The effects of these extracts on KB and HepG2 cell lines were then examined for any anti-cancer activity. Alkaline extraction produced a yield of 0.175% and the total sugar content of the extract was 54.97%. We were able to confirm that the polysaccharide extracts from the mushroom produce an anti-cancer effect. The cytotoxicity of AlFP and AcFP against HepG2 cells were 22.86% and 28.88%, respectively, and the cytotoxicity of AlFP against the KB cell lines was 47.76% at a concentration of 1, 000 ㎍/㎖. Therefore, these results suggest that the optimum method for extracting functional polysaccharides from G. frondosa is the alkali extraction method.