The invention discloses a production method of a phellinus igniarius mycelia product containing rich bioactive substances. The production method comprises the following steps: inoculating phellinus igniarius mycelia in a culture medium using mulberry stalks as raw materials, inducing the mycelia to change color in combination with the temperature and the illumination time, omitting a fruiting body formation stage, and culturing the mature mycelia product containing rich effective substances of polysaccharides, flavones, triterpenes, beta-sitosterol and alkaloids by a dry or wet separation process. The phellinus igniarius mycelia product cultured by the method is a green organic product with a healthcare function, has the effects of benefiting the five internal organs, softening hard mass, removing toxic materials, stopping bleeding, activating blood, harmonizing the stomach and relieving diarrhea, and is used for mainly treating gonorrhea, metrorrhagia, metrostaxis, morbid leucorrhea, abdominal mass accumulation, hypochondrium fluid retention and splenasthenic diarrhea; the effects of the phellinus igniarius mycelia product are not poorer than those of cordyceps sinensis.