Six water-soluble polysaccharide-protein complexes coded as GM1, GM2, GM3, GM4, GM5 and GM6 were isolated from the mycelium of Ganoderma tsugae by extracting with 0.2 mol/L phosphate buffer solution at 25, 40 and 80℃, water at 120℃, 0.5 mol/L aqueous NaOH solution at 25 and 65℃, consecutively. Their chemical components were analyzed by using IR, GC, HPLC and 13C-NMR, and some new results were obtained. The four samples GM1, GM2, GM3 and GM4 are heteropolysaccharide-protein complexes, in which, α-(1→3) linked D-glucose is the major monosaccharide while galactose, mannose and ribose are the secondary ones. GM5 and GM6 are β-(1→3)-D-glucan-protein complexes. The protein content increased from 32% to 69% with the progress of isolation. Weight-average molecular mass Mw and the intrinsic viscosity [rη] of the GM samples in 0.5 mol/L aqueous NaCl solution at 25℃ were measured systematically by laser light scattering (LLS), size exclusion chromatography (SEC) combined with LLS, and viscometry. The Mw of GM1 to GM6 are 35.5, 46.8, 58.9, 41.6, 3.3 and 22.0 x 104, respectively. The conformation and molecular mass of the two fractions of sample GM5 were characterized satisfactorily by SEC-LLS without further fractionation.