For mass production of entomopathogenic fungus 149, isolated from moth larva, by two-phase fermentation, we performed selection of carbon and nitrogen sources for liquid culture and examined solid fermentation on carrier, ingredient, temperature, and water content. Spore production with rice powder, corn powder, and starch from sweet potato was higher than that of sucrose and dissolvable starch for liquid fermentation as first-phase fermentation. As a nitrogen source, addition of peptone and yeast powder showed higher spore production than NaNO, fish powder, and soybean powder. The isolate produced more conidia in sawdust + wheat bran + corn powder, sawdust + wheat bran and rice shell + wheat bran as carrier and ingredient than vermiculite as carrier. Conidia production of 149 in solid-phase fermentation was twice higher at 30 than 20. Conidia yield was higher at 60% and 70% water content (26.9×10 and 38.6×10 conidia/g) than 40% and 50% (13.9×10 and 11.6×10 conidia/g), respectively.