Response surface methodology was employed to optimize the concentration of four important cultivation media components such as cottonseed oil cake, glucose, NH4Cl, and MgSO4 for maximum medicinal polysaccharide yield by Lingzhi or Reishi medicinal mushroom, Ganoderma lucidum MTCC 1039 in submerged culture. The second-order polynomial model describing the relationship between media components and polysaccharide yield was fitted in coded units of the variables. The higher value of the coefficient of determination (R2 = 0.953) justified an excellent correlation between media components and polysaccharide yield, and the model fitted well with high statistical reliability and significance. The predicted optimum concentration of the media components was 3.0% cottonseed oil cake, 3.0% glucose, 0.15% NH4Cl, and 0.045% MgSO4, with the maximum predicted polysaccharide yield of 819.76 mg/L. The experimental polysaccharide yield at the predicted optimum media components was 854.29 mg/L, which was 4.22% higher than the predicted yield.