Primary phycomycosis of the stomach within the ulcerative portion of early gastric carcinoma is presented in a sixty one year old male alcoholics. In the center of IIc type submucosal adenocarcinoma was a large deep ulcer (UL-IV) which was the only seat of phycomycetes infection accompanied with angioinvasion and exudative endovasculitis aside from unusual granuloma formation with Splendore Hoeppli phenomenon and eosinophilic response as in allergic granulomatous aspergillosis. The above features were reconstructed to indicate that the phycomycetes infection was confined to the type III area of IIc + III early gastric carcinoma, and that the local ulcerogenic lesion seems more contributory in its development than systemic factors including gastric carcinoma per se or alcoholic consumption.