Ganoderma lucidum is a highly medically important mushroom that has long been used as ingredient in health foods and drugs as it contains various bioactive compounds such as 1,3-β-D-glucan polysaccharides. Mango peels are wastes produced in large quantities in agricultural and industrial processes imposing disposal problems and environmental hazards. These mango peels were used as alternative cost-effective culture medium for mycelial submerged cultivation of G. lucidum. Three concentrations of mango peel extract were tested (10%, 50% and 100%). Shake-flask cultivation was used for culturing the fungus. After 7-day cultivation, produced mycelial biomass, extracellular polysaccharides (EPS) and intracellular polysaccharides (IPS) were quantified according to the methods used by Vukojević et al. (2006). There was a significant difference (p < 0.05) on the yields of mycelial biomass, EPS and IPS between the different puree concentrations of mango peel media and the controls, potato dextrose broth and water as positive and negative control media, respectively. The mean mycelial biomass yield in potato dextrose broth (1.733±0.715 mg/mL) was significantly higher compared to 50% (0.425 mg/mL) and 100% (0.342 mg/mL) MP puree and to water (0.258 mg/mL). However, the mean mycelial biomass yield in 10% and 100% MP extract, showed no significant difference which indicates that their yields were comparable. The EPS yield in 100% MP extract was significantly higher compared to each of the media. On the other hand, the IPS yield in 100% MP puree was significantly higher compared to the rest of the media except to that of 50% MP puree. It was also observed that mycelial biomass was lower in higher puree concentration of mango peel media while both the EPS and IPS were higher at higher concentration of mango peel media. Hence, among the three puree concentrations of mango peel media, mycelial growth was maximal in 10%, while the production of EPS was most efficient in 100% and that of IPS was in 50% and 100%.