Fruit bodies of Volvariella volvacea V23 strains were stored at 15 ℃ after harvest. Morphological and physiological indexes were measured at 0, 12, 24, 36, 48, 60, 72 and 96 h after storage, respectively. The results showed that the sensory score of V. volvacea fruit bodies decreased with storage time, while weight loss rate, relative electric conductivity, and malondialdehyde content gradually increased with the prolongation of storage time. The contents of soluble sugar and protein were in a state of continuous decomposition and synthesis. No significant change was found in the activities of acid protease, while the activities of the neutral and alkaline proteases increased firstly and then decreased during storage.