The effect of 12 different basal media, different temperatures (16°C, 20°C, 24°C and 28°C), pH of 3-8 anddays of incubation (for 30 days) on mycelial growth and sporulation of medicinally important white rot fungus Trametes versicolor (L.) Lloyd has been investigated. The pure culture was obtained by single spore isolation and maintained on Malt Extract Agar medium at ±4°C for physiological studies. Basal medium composition, temperature, pH and days of incubation have a significant effect on mycelial growth, however, no spore formation have been reported in any of these experiments. Mycelial growth was found to be optimum on Brown’s-II medium. The optimum temperature and H-ion concentration for mycelial growth were observed to be 24°C and pH 6.0 respectively. The fungus gave maximum growth after 21 days beyond which it declined.