Ganoderma lucidum (Curtis) P. Karst., commonly used in traditional Chinese medicine, is characterized by strong genetic and phenotypic variability that reflects its active components. To preserve such a source of pharmacologically active metabolites, specimens must be collected from different geographic regions and their genetic integrity ensured during storage. To this aim, we tested the effect of ultra-low freezing (ULF) at -120°C on the vitality, mycelial growth rate, and fruiting ability of 3 Italian strains of G. lucidum. Results showed that all strains reacted positively to ULF, demonstrating an ability to recover after 3 months of storage without morphological or physiological changes occurring, regardless of treatment. The successful storage of G. lucidum at -120°C opens up the possibility to create a germplasm bank to collect strains of this medicinal fungus from throughout Europe, thereby contributing to the maintenance of its diversity.