The immunologic effects of Tricholoma matsutake water extract (TMWE) and Tricholoma matsutake water extract- crude protein (TMWE-CP) extracted from wild Tricholoma matsutake (T. matsutake) in Changbai Mountain with low temperature water， were investigated based on the immunosuppressed male BALB/C mice induced by cyclophosphamide (CTX). Compared with the immunosuppressed model control group， the experimental results showed that TMWE and TMWE-CP could slow down the decline of body weight， increased the splenic and thymic indices and alleviated the morpho-pathological characteristics of spleen exposed to CTX. TMWE and TMWE-CP could enhance and restore carbon particle scavenging ability， delayed type hypersensitivity， and splenic lymphocyte proliferation activity of BALB/C mice. The serum levels of IgG， IgM and serum half-hemolysis concentration of both groups were significantly increased (P<0.05). Therefore， they could enhance the immune ability of immunosuppressed mice from non-specific immunity， cellular immunity and humoral immunity. In addition， compared with TMWE group， TMWE-CP had more significant immunomodulatory effects in cellular immunity (delayed type hypersensitivity and splenic lymphocyte proliferation activity) and humoral immunity (serum half-hemolysis concentration and serum levels of IgG， IgM) (P<0.05)， while TMWE group could better enhance non-specific immunity (immune organ index and carbon particle scavenging ability). In conclusion， TMWE and TMWE-CP might be used as potential natural immunomodulator of T. matsutake， and has wide application prospects in the utilization and development of effectivity-specific health products and immunomodulating agent of T. matsutake.