The waste substrate from sawdust based cultivation of Heicium erinaceum was reused. This process was conducted three times. Even when the waste substrate was reused at three times, the yield of fruiting bodies was equal to that of fresh medium. However, the yield of the 1st-waste substrate was the best of all waste substrate media and the yields of waste substrate media deceased with recycling times. The yield of the 1st or the 2nd waste substrate medium increased by 1.3-1.4 times compared with that of the fresh medium. The content of low molecular α-glucan and β-glucan of the 1st or the 2nd waste substrate medium increased and C-N ratio of the 1st or the 2nd waste substrate medium decreased. These results suggest that low molecular glucan and N sources contribute to increasing fruiting bodies. It was clear that the 1st and the 2nd waste substrate were useful for the cultivation material of Heicium erinaceum.