Lanosterol and ergosterol are the active principles with potential pharmacological activities in Inonotus obliquus. However, the two sterols are less accumulated in cultured mycelia of the fungus. In this study, different carbon and nitrogen sources and pH levels together with three metal ions were assayed for their effects on accumulation of the two sterols in the fungus. Among the tested media the growth medium consisting of glucose (1.5%), rice powder (0.5%), yeast extract (0.4%), wheat bran (0.1%), KH2PO4 (0.01%) and MgSO4·7H2O (0.05%) with pH level at 6.5 yielded a maximum production of the two sterols, which can further be increased following the treatment of Ag+, Cu2+ and Ca2+. Supplementing Ag+ at concentrations of 0.28 and 0.35μmol partially inhibited ergosterol biosynthesis, leading to an enhanced accumulation of lanosterol, the presence of intermediates of ergosterol biosynthetic pathway and a reduced accumulation of ergosterol in cultured mycelia of I.