Exo-polysaccharide isolated from the culture of Grifola frondosa was modified by sodium periodate ($NaIO_4$) and sodium chlorite ($NaClO_2$) to delete polysaccharide part and phenolic compound, respectively, and was investigated what effect has each part of exo-polysaccharide against 2,2'-azobis(2-amidinopropane) dihydrochloride (AAPH)-induced oxidative stress in porcine kidney epithelial cells (LLC-PK1). Oxidative stress on LLC-PK1 cell was measured by cell viability, lipid peroxidation, superoxide dismutase (SOD), and glutathione peroxidase (GSH-px) activity. Exposure of LLC-PK1 cells to 1 mM AAPH for 24 hr resulted in significant decrease in cell viability, SOD, and GSH-px action, and significant increase in lipid peroxidation. The treatment of exo-polysaccharide and $NaIO_4$ modified sample protected LLC-PK1 cells from AAPH-induced cell damage such as cell viability, lipid peroxidation, SOD, and GSH-px activity in a dose dependant manner (10, 100, and $500{\mu}g/mL$). However, the treatment of $NaClO_2$ modified sample did not affect for cell viability, lipid peroxidation, SOD, and GSH-px activity. The antioxidant activity of exo-polysaccharide was significantly decreased on AAPH-induced LLC-PK1 cell system when phenolic compound was deleted. The antioxidant activity was significantly correlated with the content of phenolic compound of exo-polysaccharide.