Sparassis latifolia is a fungus abundant in β-glucan and amino acids and is highly valued as a medicinal mushroom. Among amino acids, γ-aminobutyric acid (GABA) is a free amino acid and has biological effects, such as increase/decrease of hypertension, improvement of cerebral blood flow, and prevention of dementia. In this study, biological elicitors were used to increase bioactive substances as a biofortification method. Sodium alginate extracted from seaweed (Sargassum horneri, Sargassum fulvellum, Sargassum fusiforme) were used as the elicitor. The levels of β-glucan and GABA in the mycelium and fruiting body grown by adding the elicitor to the medium were investigated. Addition of sodium alginate positively affected GABA production and negatively affected the β-glucan production in these fungi. Sodium alginates extracted from S. fulvellum induced the highest increase in GABA in the mycelium and fruiting bodies. Moreover, we investigated the effects of the extracts from mycelium and fruiting bodies on dendrite development in primary cortical neurons. We found that the extract from the fruiting bodies of sodium alginate treated fungi with increased levels of GABA inhibited the dendrite outgrowth of excitatory neurons, but not inhibitory neurons.