To get the complex fermentation technique of Cordyceps militaris and Lycium barbarum,the growth curve of Cordyceps militaris and the active ingredients contents of complex fermentation product were detected.The optimum fermentation conditions of complex fermentation were obtained as follows:5 g /L of the Lycium barbarum homogenates was introduced into the medium when the fermentation time of Cordyceps militaris was 72 h,and the fermentation period was 144 h.Under optimum conditions,the yield of complex fermentation product reached 11.73 g /L,which was 112.12% higher than that of Cordyceps militari mycelia.The contents of cordycepin,cordyceps acid,and polysaccharides of the complex fermentation product were respectively 11.23 mg /g,178.21 mg /g,and 30.73 mg / g,which were increased by 29.98%,64.46% and 97.20% compared with those of Cordyceps militari mycelia.The antioxidant capacity of complex fermentation product was increased by 44.62% than that of Cordyceps militari mycelia based on the determination of the hydroxyl radical scavenging activity.