Abstract: : Objective: To better study and make use of the medicinal value of Hericium erinaceus and ginseng. Methods: In this paper, Hericium erinaceus was used as the fermentation strain and ginseng was used as the drug substrate (PGP) for two-way solid fermentation to obtain Hericium erinaceus ginseng two-way solid fermentation bacteria (HEP). The contents of polysaccharides and proteins of fermentation bacteria and different alcohol precipitation components of ginseng drug substrate group in different fermentation periods were determined by phenol sulfuric acid method and Coomassie brilliant blue method. And DPPH·, ·OH and ABTS⁺· methods were used to determine the antioxidant capacity of different alcohol precipitation components. Results: The total sugar content of 40% alcohol precipitation component was the most. At the 9th day of fermentation, the total sugar content of 40% alcohol precipitation component HEP-40 in fermentation substrate group reached 0.98 mg/g, and the total sugar content of 40% alcohol precipitation component PGP-40 in ginseng matrix group reached 1.03 mg/g. The content of reducing sugar and protein in 90% alcohol precipitation component was the most. At the 30th day of fermentation, the content of reducing sugar in 90% alcohol precipitation component HEP-90 of fermentation substrate group reached 0.18 mg/g, and the content of reducing sugar in 90% alcohol precipitation component PGP-90 of ginseng matrix group reached 0.24 mg/g; At the 40th day of fermentation, the protein content of HEP-90 and PGP-90 reached 0.54 and 0.46 mg/g respectively. The scavenging of DPPH radicals by all alcoholic fractions of the fermentation plasm up to the 24th day of fermentation was good, with DPPH scavenging rates of 37.66%, 60.06% and 73.58% for the polysaccharides HEP-40, HEP-70 and HEP-90 in the fermentation plasm, respectively; At the 40th day of fermentation, the clearance rates of HEP-40, HEP-70 and HEP-90 on OH radical were 33.71%, 54.32% and 94.90%, respectively; When the fermentation reached the 40th day, the clearance ability of the HEP group reached the peak, and the clearance rates of HEP-40, HEP-70 and HEP-90 on ABTS radical were 44.83%, 87.90% and 98.90%, respectively. Conclusion: After two-way solid fermentation of Hericium erinaceus and ginseng, the antioxidant capacity of the pharmacodynamic active components in the fermentation products (HEP) was higher than that of the pharmacodynamic active components in ginseng without fermentation treatment (PGP).