‘Geumhyang’, a new variety with short cultivation period and yellowish ivory color in Flammulina velutipes, was bred by crossing between monokaryons isolated from ‘Garlmoe’ and wild strain ‘CBMFV-33’. In bottle cultivation, the period of mycelial growth, primordia1 formation, and growth of fruit body was required 23 days, 7 days, and 17 days, respectively. Total culvivation period was 47 days, showing 7 days shorter than that of ‘Garlmoe’. Pileus diameter was greater than that of ‘Garlmoe’, and pileus color showed yellowish ivory. Fruit body production per 850 ml bottle was 160 g, which was 8% higher than that of ‘Garlmoe’. The taste, derived from ‘Garlmoe’ and wild strain, was excellent because of better chewing feeling than white ones. ‘Geumhyang’ with differentiated color and taste, has an advantage to target a niche market of white ones.