The structure of polysaccharides gotten of lichenized fungus Teloschistes flavicans, and of its mycobiont axenic and aposymbiottically cultured had been studied. From the lichen thallus an a-D-(1®4),(1®6), and a b-D-(1®3),(1®6) glucan were obtained. Beyond the heteropolysaccharides, a galactoglucomannan was characterized with a main chain probably formed by a-D-Manp-(1®6)-linked units inferred by the presence of the signal at d 100.3 ppm in the NMR-¹³C spectrum, the inverted signals in the DEPT experiment, and the increase of the derivative 2,3,4-Me₃-Manp (6-O substituted a-D-Manp units), after partial acid hydrolysis. The T. flavicans mycobiont was isolated and cultivated in liquid (S4) and solid (LBM) culture media, for 90 and 180 days, respectivelly. The mycelia had been submitted to sequential extractions for the attainment of polysaccharide fractions. From the mycobiont cultured in liquid medium two heteropolysaccharides had been isolated and characterized. The Fehling supernatant fraction (SFK2-L), characterizes itself as an heteropolysaccharidic fraction, mainly composed of Man (65 %), Glc (19 %) and Rha (10 %). The NMR-¹³C and DEPT spectra of this fraction can infer that deals a structure, whose main chain is formed by a-D-Manp-(1®6)-linked units, due to presence of the signal in d 100.3 ppm, correspondent to the  6-O substituted a-D-Manp units, and the inversion of C-6-linked DEPT signals. For the Fehling precipitate (PFK2-L) a structure was also isolated, but partially characterized as a galactoglucomannan, which presents three main signals at the C-1 region. From the mycobiont cultivated in solid medium were characterized a linear a-D-glucan-(1®4), (1®6)-linked (pullulan), and a b-D-glucan-(1®3), (1®6)-linked, both structures had already been isolated and characterized for the lichen thallus, suggesting their origin from mycobiont, without the interference of the photobiont (Trebouxia). A linear b-D-glucan-(1®3) was also isolated and characterized for the first time from this lichenized fungus, not being observed in the lichen thallus. Still the presence of exopolysaccharides in liquid medium was evaluated, being isolated and characterized an heteropolysaccharide, whose structure needs additional analysis, so it can be fully characterized.