Ganoderma lucidum is the Chinese traditional medicinal mushroom-like fungus. The polysaccharide is one of valuable and bioactive Ganoderma lucidum metabolites, and it has hypoglycemic activity, reducing inflammation and anti-tumor activity. The Ganoderma lucidum solid-state fermentation operated at different media (wheat or soybean), the ratio of water to medium, and fermentation were studied. The polysaccharide contents in fermentative products were analyzed by phenol-sulfuric acid method. The abilities of scavenging DPPH free radicals, reducing power, and chelating effect of ferrous ion were evaluated as the antioxidant activities of the hot water extracts from Ganoderma lucidum solid-state fermentative products. The results showed that the one week wheat fermentative products had higher polysaccharide content and the soybean fermentative products had better antioxidant activities.