Abstract: Waste spawn for cultivation of Auricularia auricula was crushed, fermented and disinfected for replacing peat to be substrate of containerseedling cultivation of Phoebe bournei. Four different ratio of waste substrate and control were determined their physio-chemical properties and usedfor cultivation of seedlings. The result showed that different ratio of substrate had bulk density of 0.45－0.62 g·cm-3, pore space ratio of 0.40－0.63,pH slightly acidic or neutral, total N of 25.76－27.71 g·kg-1, total P of 4.25－4.83g·kg-1, total K of 5.41－6.38 g·kg-1, and available K of 83.23－92.66 g·kg-1, indicating good for plant growth. Container seedling cultivation of P. bournei was carried out in May 2013 and determination wasimplemented in November of the current year. It demonstrated that height, ground diameter, root system, tap root length, leaf number, leaf length andwidth in different treated substrates had difference, but not evident. The experiment showed that the treatment of 50% of waste substrate + 37.5% ofhumus + 10% of chaff + 0.5% of controlled-release fertilizer and 2% organic fertilizer had the best seedling growth.