Chitin-glucan complex (CGC), the main component of fungal cell wall, is reported to have wide applications in the food and pharmaceutical industries because of its physical and physiological activities. In this study, CGC was extracted from the fruiting body of Termitomyces albuminosus (Berk.) Heim with the treatments of deproteination, demineralization and depigmentation to obtain a yield of 13.46%, and its properties were investigated. The results indicated that CGC from T. albuminosus contained glucan and chitin in a molar ratio of 46:54, with very low contents of proteins and inorganic salts. The chitin in CGC was in the α-form, with crystallinity index of 64.81% and degree of acetylation of 65.40%. The surface morphology of CGC was dense and firm with no nanofibers and nanopores as observed by scanning electron microscopy, and the peak degradation temperature was determined to be 314.88 °C. This study suggested that CGC from T. albuminosus was promising to be an alternative source of crustacean chitinous products in the industry of food, medicine, waste water treatment and so on in the future.