This study investigated the effects of surfactant additives and medium pH on mycelial morphology and exopolysaccharide (EPS) production in liquid culture of a valuable medicinal fungus Cordyceps sinensis Cs-HK1. In the medium containing 20 g l⁻¹ glucose and 6 g l⁻¹ peptone as the sole nitrogen source, the Cs-HK1 fungal mycelia formed smooth and spherical pellets about 1.8-mm mean diameter. The mycelial pellets became less uniform at pH (4.0-5.0) lower than the optimum (pH 6.0) or turned to filamentous form at higher pH (8-9). Surfactants added to the medium inhibited pellet formation, resulting in smaller and looser pellets. Tween 80 exhibited a remarkable promoting effect on EPS production, increasing the EPS yield more than twofold at 1.5% (w/v), which was most probably attributed to the stimulation of EPS biosynthesis and release from the fungal cells by Tween 80.