The antifungal mechanism of the TS67(Penicillum sp.) producing bioactive metabolites was investigated in this paper. The test indicated that mycelia growth, spores forming and spores germination of Bipolaris maydis and Fusarium oxysporum can be inhibitied by metabolites, after 50% fermentation broth acting 120 hours, the inhibition rate of hyphal growth can reach about 77.78%, 70.30%, the inhibition rate of spores forming also arrived at 58.8%, 73.5%; under 50% fermentation broth acting 12 hours, the inhibition rate of spores germination were up to 78.3%, 62.0%, the mycelia under activity metabolites conditoins also showed surface nodulation and growing point expanding irregularly, protoplasmic condesing, etc. Based on all these results, we may draw a conclusion that activity metabolites maybe target at fungal cell wall.