Korean fresh ginseng was cultured with Hericium erinaceum mycelia (HE) in solid-state culture (SSC) to enhance the immunomodulation activity. Hot-water extracts (FG-HE-HW) of H. erinaceum-fermented ginseng (FG-HE) fractionated into a crude polysaccharide (FG-HE-CP) showed higher mitogenic, macrophage stimulation, and intestinal immune system modulation activities (1.52, 1.63, and 1.35x relative to a saline control at 100 μg/mL, respectively) than the crude polysaccharide from non-fermented ginseng (NG-CP; 1.35, 1.50, and 1.18x) and H. erinaceum mycelia alone (HE-CP; 1.26, 1.46, and 1.27x). After FG-HE-CP was further fractionated on a DEAE-Sepharose CL-6B column, the polysaccharide fraction (FG-HE-CP-III) exhibited larger activity increases than any subfraction from NG-CP or HE-CP. FG-HE-CP-III mainly consisted of Ara, Gal, Glc, and GalA (molar ratios of 0.45:1.00: 0.51:0.73). NaIO4 oxidation decreased the activities of FG-HE-CP-III (51.0-76.9%). The polysaccharide from H. erinaceum-fermented ginseng using SSC plays an important role for enhancement of immunomodulation activities of fresh ginseng.