A wild strain of schizophyllum commune (Fr:Fr:) isolated in Bangladesh produced cellulase and xyianase in high yields as well as the exobiopolymer schizophyllan. It was found experimentally that concentrations of 4% Avicel, 3.5% peptone, and 0.5% Ca(NO3)2·4H2O were optimal for growth and product formation. Bacto-peptone was found to be the most suitable substrate of a number of casein, mycological, and meat peptone preparations for enzyme production. Young plate-culture inocula (4 days) were found to be better than comparatively aged fungal cultures (14 days). With the optimized medium, 5 units filter paper (FP) cellulase, 1244 units xylanase, 108 units β-glucosidase, and 65 units of carboxymethyl (CM) cellulase per mL culture filtrate were obtained in shake flasks. In a laboratory fermentor the respective enzyme activities were 4.5 units FP-cellulase, 1200 units xylanase, 100 units β-glucosidase, and 60 units CM-cellulase per mL culture filtrate. A biopolymer, reported to be active against can cerous cells, was an additional product in addition to the enzymes.