Maltose and yeast extract were the most favourable carbon and nitrogen sources for exopolysaccharide production by submerged culture of Shiraia bambusicola WZ-003, and initial maltose and yeast extract concentrations were at 30 and 3 g l−1, respectively. Plant oils could increase the mycelial growth and exopolysaccharide production in tested concentration. K+ and Mg2+ could enhance the mycelial growth and exopolysaccharide biosynthesis. The optimal cultivation temperature and initial pH were found to be 26°C and 6.0, respectively. Exopolysaccharide concentration reached 0.53 g l−1 in 15-l fermenter under optimal nutritional conditions.