”Ganoderma lucidum”, well-known as lingzhi, is claimed to have an anti-diabetic function. However, its clinical efficacy is still illusive. This study was to investigate whether the efficacy of lingzhi on reducing diabetic hyperglycemia is related to its time of administration. Streptozotocin (STZ)-induced diabetic mice were given a 2-week lingzhi supplementation either from 1 week prior to or 1 week after STZ injection. Mice received lingzhi treatment prior to STZ injection had significantly reduced fasting blood sugar, as well as increased plasma values of insulin and total antioxidant capacity. There was no significant change in glucose level in those STZ-treated mice which had lingzhi administration after established hyperglycemia. The results of this study suggest that lingzhi may act as an antioxidant to protect against STZ-induced pancreatic damage.