A process for simultaneous efficient production of bioactive ganoderic acid (GA) and Ganoderma polysaccharide by fed-batch fermentation of Ganoderma lucidum was developed. Effects of carbon source and initial sugar concentration oil the production of GA and polysaccharide were studied at first. Sucrose as a carbon source was suitable for the extracellular polysaccharide (EPS) production although the cells could not grow well. Lactose was beneficial for the cell growth and production of GA and intracellular polysaccharide (IPS). When the initial lactose concentration exceeded 35 g/l, the GA accumulation was decreased. The GA production was remarkably improved by pulse feeding of lactose, when its residual concentration was between 10 and 5 g/l. The fed-batch fermentation process in shake flasks could be successfully reproduced in stirred bioreactors (STR) with dissolved oxygen (DO) controlled between 20 and 35% of air saturation during fermentation. The maximum cell density reached 21.89 +/- 0.35 and 20.95 +/- 0.01 g DW/l in STR and flasks, respectively. The production of EPS reached 0.87 +/- 0.05 (STR) and 0.75 +/- 0.05 g/l (flask), and the total production of IPS reached 2.49 +/-0.07 (STR) and 2.40 +/- 0.05 g/l (flask). The total production of GA reached 367.1 +/- 17.4 and 297.9 +/- 13.7 mg/l for STR and flask, respectively, and their corresponding productivity was 29.6 +/- 0.5 and 14.3 +/- 0.1 mg/l per day. Not only the cell density but also the content, production and productivity of GA and IPS obtained in this work are the highest reported in agitated fermentation of G. lucidum.