The compositions of natural fruiting bodies of Cordyceps sinensis (NFCS), mycelia from submerged culture (MSMC) and shake culture (MSKC) of RCEF0273, a strain of Hirsutella sinensis, anamorph of C. sinensis, were compared to evaluate the potentiality of MSMC. The contents of crude fat, crude protein, total and essential amino acids were in the following descending order: MSKC>MSMC>NFCS, respectively. Unsaturated fatty acids of MSMC accounted for 65.9% of total fatty acids, obviously lower than those of NFCS (86.9%) and MSKC (76.5%). Both As and Hg were lower than 0.20 μg/g in all samples tested. The contents of Ca, Se and Cu were higher in MSMC than in NFCS, while the contents of Fe, Zn and Sn, were lower in MSMC than in NFCS. Vitamin B6 was not detected in MSMC but in NFCS, while vitamin B1 was not found in NFCS but in freeze-dried MSMC. Niacin content of NFCS was 1.6 times more than that of MSMC. The total content of four nucleosides (adenosine, guanosine, uridnine and inosine) in MSMC (6.20 mg/g) was significantly higher than those of NFCS (1.80 mg/g) and MSKC (1.60 mg/g). The above results suggest that MSMC can probably be used as a substitute for NFCS.