Molecular analysis using the internal transcribed spacer region sequences revealed that the strains used in this study, which were formerly identified as Panellus serotinus, are Panellus edullis. After Universal Fungal PCR Fingerprinting (UFPF) analysis, eight strains of P. edulis were divided into two groups. We conducted fundamental research on mycelial growth and sawdust cultivation to understand the cultural characteristics of eight wild P. edulis strains collected from Korean forests. All strains showed faster and denser mycelial growth on potato dextrose agar (PDA) than on other media (malt extract agar, Sabouraud dextrose agar). Optimal conditions for mycelial growth were: 20°C on PDA, 25°C on potato dextrose broth (PDB), and pH 5~8 on PDB at 25°C. Two strains (NIFoS 2407, 3993) were selected as excellent strains based on mycelial growth and density on PDA. NIFoS 2792 showed high cellulase activities on carboxymethyl cellulose (CMC) agar, and NIFoS 2387 and 2804 exhibited high laccase activities on ABTS-containing agar media. The mycelial growth of P. edulis was the fastest on Quercus acutissima and Q. mongolica sawdust media, and mycelial density was the highest on Quercus spp. sawdust-containing media. Sawdust cultivation of P. edulis was successful. The conditions were 80~85 days of cultivation period after spawn inoculation, 10~11 days for primordial formation at 17~18°C, and 15~20 days for fruiting growth. NIFoS 2804 and 3993 were selected as good strains in terms of cultivation period and mushroom production. These results could be useful for the artificial cultivation of P. edulis.