This study was conducted to investigate the effects of fermented ginseng extract by mushroom mycelia on antiproliferation of cancer cells. Phellinus linteus, Ganoderma lucidum, and Hericium erinaceum mycelia were inoculated to ginseng. The effects of fermented ginseng extract on antiproliferation of stomach (MKN-45), colon (HCT116), mammary (MCF-7), lung (NCIH460), prostate (PC-3), and liver (HepG2) cancer cells were investigated by MTT assay. Fermented ginseng extract showed significant antiproliferation effects compared with fresh ginseng extract. Fermented ginseng extract by P. linteus, G. lucidum, and H. erinaceum mycelia showed growth-inhibitory effect of 44.50, 17.75 and 43.98% viability at 1.5 mg/mL on the MKN-45 cell line, 62.86, 3.73, and 54.55% at 1.5 mg/mL on the HCT116 cell line, 41.81, 7.01, and 37.84% at 1.5 mg/mL on the MCF-7 cell line, 53.52, 5.31, and 35.27% at 1.5 mg/mL on the NCIH460 cell line, 35.05, 3.07, and 44.29% at 1.5 mg/mL on the PC-3 cell line, and 59.57, 6.34, and 4.97% at 1.5 mg/mL on the HepG2 cell line, respectively. These results indicated that fermented ginseng by G. lucidum mycelium showed the highest antiproliferation effect against various cancer cells.