Ganoderma lucidum (Fr.) Krast, commonly known as "Lingzhi" in Chinese, is a medicinal mushroom that is rich in biologically active substances. Polysaccharides and triterpenoids are the two major components responsible for the bioactivity of this fungus. In the present study, the ultrasonic-assisted co-extraction (UACE) of polysaccharides and triterpenoids from G. lucidum was optimized using response surface methodology with a desirability function, with the equal importance for the two components. Following single factor experiments, the optimal conditions were determine as ultrasonic power of 210 W, extraction temperature of 80C, ratio of liquid to solid of 50 mL/g, and 100 min extraction time, using aqueous ethanol (50%, v/v) as the extracting solvent. Under the optimal conditions, the extraction yields of polysaccharides and triterpenoids reached 0.63% and 0.38%, respectively. On the basis of the scavenging capacity of 2,2-diphenyl-1-picrylhydrazyl and evaluation of reducing power, the antioxidant capacities of the polysaccharides obtained by optimal UACE process were higher than those of polysaccharides extracted using traditional hot water extraction, whereas the triterpenoid-rich extracts showed antioxidant activities similar to those obtained using the ethanol maceration method. The present study is the first report on the simultaneous extraction of polysaccharides and triterpenoids from G. lucidum. The developed UACE process could be useful in preparation of a polysaccharide- and triterpenoid-rich ingredient that holds great promise for application in the Ganoderma industry.