Ling-zhi is a medicinal herb that generally refers to a fungus in the genus Ganoderma. It has been used as a medicinal mushroom in traditional Chinese medicine for more than 2000 years. Mycologists at the Institute of Microbiology, Chinese Academy of Sciences (IMCAS) first artificially cultivated the Ling-zhi fruiting body in the late 1960s (X.J. Liu’s team). In IMCAS, different research teams have extensively studied Ling-zhi in the aspects of national resource surveys, systematic taxonomy, chemical analysis, and processing for medicinal and health applications. The research results from IMCAS have provided essential support and prompted the development of the Ling-zhi industry in China to some extent. This review aims to summarize the history of research on Ling-zhi in IMCAS and its role in the development of the Ling-zhi economy.