Abstract: The physiological effects of fungal elicitors on the cell growth,the biosynthesis of saponin and polysaccharide and the peroxidase activity of Panax quinquefolium cells in suspension culture was reported. After treated with Colletotrichum nicoltianae mycelia elicitor, the productivity of total saponin of Panax quinquefolium cells in suspension culture went up from 296 mg / Lto 679 mg /L(about 16. 3 % DW),increasing 130% over the control, and about 85% of total saponin were excreted into the medium. The polysaccharide content of Panax quinquefolium cells treated with Aspergillus nigran elicitor increased to 11.79%,up more than 100% over the control.The cell growth of P. quinquefolium was firstly promoted by adding C.nicoltianae mycelia and Fusurium oxsporum filtration elicitors, meanwhile,the peroxidase activity in the cells and in the medium remarkable rose, and then both of the cell growth and the POD activity were inhibited.