Abstract: 【Objective】The nutrition components and economic efficiency of Phallus indusiatus （PI） in mulberry fields with different cultivation substrates were analyzed in order to provide reference for expanding the source of raw materials and promoting the technology of interplanting of PI in mulberry field.【Method】In this study,bamboo scraps,mulberry branches and corn cobs were used as substrates,the cultivation experiment was carried out by using the mode of interplanting PI in mulberry field,the yield of PI,biological efficiency,agronomic traits,nutrition components and economic efficiency were compared and analyzed.【Result】The yield of PI cultivated by bamboo scraps was the highest（2897.55 kg/ha）,the polysaccharide content in fruiting body was the highest （2.080 g/100 g）.The profit rate and input-output ratio were the highest,which were 190.52%and 1∶2.91 respectively.However,the proportion of bitter amino acids was the highest,which was 39.877%.The fruiting body of PI cultivated by mulberry branch had the characteristics of