Abstract: Schizophyllan is a neutral extracellular polysaccharide produced by the fungus Schizophyllum commune, consisting of a 1,3-β-D-linked backbone of glucose residues with 1,6-β-D-glucosyl side groups. The polysaccharide rheological properties have been studied in the fermentation aqueous media over the time period of 168 h. The rheology of the schizophyllan produced by Schizophyllum commune NRCM isolated during the 168 h fermentation is also studied by determining the consistency index, ‘K’ and flow behavior index, ‘n’ of the fermentation broth and isolated schizophyllan samples. For measurement of intrinsic viscosity, [η], the viscosity was determined at 25°C, at low polymer concentration and at low shear rate range. Schizophyllan biopolymer dispersion obeyed Power Law Model. Fermentation broth showed Newtonian behavior up to 96 h of fermentation time, beyond which the flow behavior was pseudoplastic. The molecular weight of schizophyllan was found to be 5.54 x105 Daltons after 168 h fermentation using Mark-Houwink relation.