Abstract: The differences of antioxidation activities between the fermentation products of Coriolus versicolor (CVFP) and its polysaccharide (CVPS) were investigated by measuring the scavenging activity to hydroxyl radicals and superoxide anion radicals, followed by a protection test model of oxidative damaged yeast cells. Radical scavenging experiment showed that the hydroxyl radicals scavenging activity of CVFP ( EC50 , 0.13mg/mL) was higher than CVPS (EC50 , 0.16mg/mL) and positive control VC (EC50 , 0.25mg /mL, p < 0.05) .The scavenging activity of CVFP to superoxide anion radicals (EC50 , 0.34mg /mL) was better than CVPS ( 0.35mg/mL) .Protection test of oxidative damaged yeast cells showed that compared with the blank control, the survival rate of yeast cells (47.4%) was increased significantly by the addition of CVFP with a concentration-dependent manner (R>0.9) .The results indicated that CVFP had protective effect against cellular oxidation damage, and its performance was better than CVPS.