Optimization of the submerged culture conditions for the mycelial growth and production of exopolysaccharide (EPS) from a newly isolated Cordyceps species (C. militaris NG3) was studied in flask cultures. The optimal temperature and initial pH for EPS production were 30 degreesC and 8.0, respectively. Sucrose (30 g/L) and corn steep powder (10 g/L) were the most suitable carbon and nitrogen source for both mycelial growth and EPS production. There was a distinguishable morphological changes in mycelium grown between organic and inorganic nitrogen sources. A smooth pellet growth with heavy hyphal thickness was observed in the medium containing organic nitrogen sources, whereas irregular pellets with less hairy region were formed in the medium containing inorganic nitrogen sources. More highly branched cells appearing in the medium of organic nitrogen sources seemed a favorable morphological form for both EPS production and mycelial growth. Under optimal culture conditions, the maximum concentrations of mycelial growth and EPS were 17.6 and 3.4 g/L in a 5-L stirred-tank fermenter. Four groups of EPSs (designated as Fr-I, Fr-II, Fr-III, and Fr-IV) were obtained from the culture filtrates by size exclusion chromatography (SEC), and their molecular characteristics were examined by a multiangle laser-light scattering (MALLS) and refractive index (RI) detector system. The weight-average molar masses of the Fr-I, Fr-II, Fr-III, and Fr-IV of EPS were determined to be 2.262 x 10(6), 3.348 x 10(5), 1.049 x 10(5), and 5.059 x 10(4) g/mol, respectively. All four EPSs showed very low polydispersity indices ranging from 1.00 to 1.18. The SEC/MALLS analysis revealed that the molecular shape of the Fr-I was a rigid sphere suspected to be an aggregate of complex polysaccharides, the Fr-II and Fr-III were nearly globular in shape, and the Fr-IV was an almost rodlike structure.