[Objective] In order to extract the functional components from Lentinula edodes efficiently for the further utilization of its edible value. [Methods] Using Lentinula edodes as raw materials, the hydrolysis process conditions by composite enzyme including cellulose, papain and 5'-phosphodiester-ase were studied on the basis of single factor experiment and orthgonal test. [Results] Firstly, it was hydrolyzed by 0.2% cellulose and 0.4% papain. The conditions were 55 °C, initial pH 5.5 and 3 h. Secondly, it was hydrolyzed by 0.2% 5'-phosphodiesterase. And the conditions were 70 °C, initial pH 7.0 and 2 h. Under these conditions, the hydrolysis degree was 39.48%, and the extracting rate of amino acids, 5'-nucleotide, polysaccharide were 10.25%, 0.768%, 8.67% respectively. [Conclusion] The hydrolysate was rich in umami substances and other nutrients, and it could be used for condiment.