The present study was to evaluate the effects of certain nutrients and environmental parameters on growth and production of polysaccharide of Hericium erinaceus with tofu whey. The effect of different carbon and nitrogen sources, temperature, pH and incubation period on the production of polysaccharide in flask cultures by H. erinaceus was investigated. Glucose and potato extract were found to be the most suitable carbon and nitrogen source, respectively. Optimum production of polysaccharide required glucose in the cultivation medium with a concentration of 8.0 g/L. On the other hand, the highest production of polysaccharide was obtained in a cultivation medium containing 12.0 g/L of potato extract. Furthermore, the incubation temperature at 27 °C, pH 5.5, rotation rate 180 and seven days of the incubation were found to be the optimum for maximum production of polysaccharide of H. erinaceus.