Abstract: For the development of Dictyophora rubrovalvata mycelium polysaccharides beverage, the optimum proportion of beverage was explored by single factor experiments and orthogonal test, and the effects on exercise capacities of mice were investigated. The results showed that the optimal formula of the beverage was determined as follows: Dictyophora rubrovalvata mycelium polysaccharides addition of 10%, sucrose addition of 3%, citric acid addition of 0.06%,and sodium carboxymethylcellulose addition of 0.8%. Under these conditions, the sensory score was 86.2±1.7. The results of exercise tolerance test demonstrated that compared with control group, Dictyophora rubrovalvata mycelium polysaccharides beverage（medium and high dose） could obviously prolong the pole climbing time and exhaustion swimming time, and significantly decreased the contents of lactic acid and urea nitrogen in sera after exercise, indicating that the beverage was helpful to enhance the exercise capacities of mice, thereby could provide a reference for enploring of related sports food.