The objective of this study was to investigate the effect of addition of four different lignocellulose (water-treated corn straw, water-treated xylosma sawdust, alkali-treated corn straw and alkali-treated xylosma sawdust) on the production and antioxidant activity of exopolysaccharides by Lentinula edodes. To evaluate the antioxidant activity of polysaccharides, the analyses of 1,1-diphenyl-2-picrylhydrazyl (DPPH) free radical-scavenging activity, lipid peroxidation inhibition rate and erythrocyte hemolysis inhibition rate were carried out. The result clearly indicated that the exo-polysaccharide production and antioxidant activity by L.edodes mycelium was enhanced in varying degrees via the decomposition of lignocellulose. The yield of exo-polysaccharide in alkali-treated corn straw group was the highest (0.351g/L), which was 31.06% higher than that in control group after 5 days of submerged fermentation. High DPPH radical scavenging activity was observed in water-treated xylosma sawdust group, which decreased with the extension of fermentation time (23.15%-44.06%). Alkali-treated groups performed better than water-treated groups in terms of lipid peroxidation inhibitory activity. As for hemolysis inhibition activity toward erythrocytes, xylosma sawdust groups showed stronger oxidation resistance than corn straw groups.