A asexuae strain producing effective component hypocrellin was isolated from the hypha of Shiraia bambusicola sporo-carp. By liquid-state fermentation and orthogonal teat with shake flask culture, the optimum medium component and culture conditions were: saccharose 20 g/L, yeast extract 8 g/L, maize extract 2 g/L, pH 6.0, culture broth quantity 50/250 mL(V/V) flask, inoculum 10% (V/V), culture temperature 28 degrees C, shake rotation 130 r/min, fermentation period 96 h. The culture can produce 8 g Hypocrellin (E 1 cm (1%) 465 = 52) per liter fermentation broth. This study will provide basis for the future massively industrialized hypcorllin production.