In the paper, the liquid culture of Acremonium implicatum was studied by means of different sucrose concentrations and nitrogen sources. The results showed that different nitrogen sources all had obvious effects on the morphologies of the mycelia. When peptone and soybean powder were of nitrogen sources, the diameter of mycelium was thicker and the conidia, in shape of oval, long oval or oblong, wider than that of NH_4NO_3, under which having fusiform conidia. Meanwhile, many conidia, some of them with long germ tubes, could be observed when soybean powder was used as nitrogen source. The effects of different concentrations of sucrose on the mycelial morphology was not obvious, but the exo-polysaccharides yield was significant. In addition, the effect of different nitrogen sources on the mycelial biomass was significant.