A novel protein (D1 component) was purified from Boletus bicolor by ion‐exchange chromatography and gel chromatography on a HiTrap™ Q HP column, a diethylaminoethanol cellulose‐52 column, and a Sephadex G75 column, respectively. Sodium dodecyl sulfate–polyacrylamide gel electrophoresis revealed that the D1 component was a single protein band with a molecular weight of about 40 kDa. The sulforhodamine B assay showed that at concentrations as low as 25–75 μg/ml, protein D1 significantly inhibited the proliferation of human lung adenocarcinoma cell lines (A549 and H1299 cells) and had little effect on human normal kidney cells (HEK293 cells). After labeling protein D1, it was found that D1 could enter the cytoplasm of tumor cells and colocated with lysosomes. Flow cytometry results demonstrated that protein D1 induced apoptosis and G1 phase arrest of the cell cycle in A549 and H1299 cells. The Western blot analysis results showed that the expression of apoptosis and cell cycle‐related proteins of cleaved caspase‐3, cytochrome c, Bax, P16, and P21 was significantly upregulated, whereas the expression of Bcl‐2, CDK4, cyclin D, p‐Rb, and E2F was significantly downregulated after treatment with protein D1. Therefore, D1 exhibits potential to be developed into an antitumor agent.