Suspended mycelia of polystictus versicolor was cultured in an internal airlift- loop reactor with medium based on bean extract. A set of refitted NDJ- 2G type of rotating cylinder viscometer was used to measure the rheological properties of mycelial suspensions. The rheological equations were obtained by regression analysis. The results showed that the mycelial suspensions may have yield dilatant behaviour. The factors affecting its rheological behaviour were also discussed.