The hypoglycemic activity of fermented mushroom of Grifola frondosa rich in vanadium (GFRV) was studied in this paper. Alloxan- and adrenalin-induced hyperglycemic mice were used in the study. The blood glucose and the HbA1c of the mice were analyzed respectively. After the mice were administered (ig) with GFRV, the blood glucose and the HbA1c of alloxan-induced hyperglycemic mice decreased (p < 0.05, p < 0.01) and ascension of blood glucose induced by adrenalin was inhibited (p < 0.01). Also, the bodyweight of the alloxan-induced hyperglycemic mice was increased gradually. In the fermented mushroom of G. frondosa, vanadium at lower doses in combination with G. frondosa induced significant decreases of the blood glucose and HbA1c levels in hyperglycemic mice.