Poria cocos, an important medicinal and edible fungus, is well known in East Asia. The main active components are water-soluble polysaccharides (WPS) and triterpenoids. Due to the growing market demand, long cultivation period, and consumption of pine trunk during cultivation, alternative methods for producing P. cocos or its active components should be investigated. In this study, WPS, triterpenoids, monosaccharide composition, and essential oil in fermented mycelia and cultivated sclerotium were analyzed using UV spectrophotometry, HPLC, pre-column derivatization, and HS-GC/MS, respectively. Our results showed that the WPS and triterpenoids in mycelia are several times higher than those in sclerotium. Among the 62 compounds identified by HS-GC/MS analysis from the essential oil obtained from the fermentation media and a fresh external layer, the two main fragrances in common were linalool and methyl phenylacetate. Our results suggested that it is applicable to produce polysaccharides and triterpenoids by the fermentation of P. cocos, and a strategy to improve triterpenoid production in the fermentation process was proposed.Molecules 2020, 25, 1269 2 of 12 by 11.5-18.5% and enhance the antioxidant enzyme activity when fed for 7 weeks at the daily dose of 100-200 mg/Kg in liver cancae male Wistar rats [12]. Recently, APS was reported to improve hyperglycemia, hyperlipidemia, and hepatic steatosis in ob/ob mice via the modulation of gut microbiota [13]. Exopolysaccharides (EPS), another kind of water-soluble polysaccharide, is produced in the media during the liquid fermentation of P. cocos, and it has also been reported to have anti-tumor activity both in vivo (Sarcoma-180 solid tumors implanted in BALB/c mice, a immune deficient inbred mice line) and in vitro (HL-60 tumor cells) [6] as well as antioxidant activities [14]. Triterpenoids are reported to be responsible for the diuretic [15], anti-tumor [16], and anti-inflammatory activities [8] of P. cocos. More than 50 triterpenoids have been purified from P. cocos, derived from lanostane or secolanostane skeletons [17]. A more systematic introduction about the chemistry and pharmacology activity of P.cocos has been reviewed [17]. The main constituents are dehydrotumulosic acid (DTA), 3-epi-dehydrotumulosic acid (eDTA), and polyporenic acid C (PAC) [18].As a consequence of its nutritional and health values, P. cocos has gained wide popularity as a nutraceutical and functional food in China. Normally, P. cocos grows underground around the roots or dried trunks of pine trees and needs a long cultivation period of about 7 months. In recent decades, the fermentation culture of P. cocos has been developed because of the potential for the increased production of mycelia and bioactive components in a compact space and in a shorter period of time. Many studies have been conducted to examine the influence of different conditions on P. cocos culture, including medium composition, temperature, and environmental conditions [19][20][21]. The liquid culture of P. cocos has been...