There are many methods can be used to preserve living cultures of fungi, among them you can use refrigerator for a short period, in this method fungi grown in media slant and preserved in the refrigerator at 4-8 C for about 5-6 months. The cultures must be refreshed after this period.
Also, you can use mineral oils with glycerol, in this method, fungi grown on slant covered with glycerol in a deep of 1 cm and put in the refrigerator. The fungi can be preserved with this method for about 2-3 years.
You can also use Lyophilization (Freezing and drying) method. In this method, the fungal cultures must be submerged with 1,2 Polyurethane and alcohol, then they were dried on 50-60 C. Then they suspended and put in glass vials. In this method you can preserve the fungal isolates for about 20 years..
Dear Janitha, thank you for this interesting question. You might want to have a look at the answers given to two closely related questions which have been posted earlier on RG:
How can I preserve some Fungi for a long time, It's better that the operating process is easy.
The other method for preserving fungal isolates for a long time is Liquid Nitrogen Preservation.
It's a recent method for preserving living cultures of fungi by using liquid Nitrogen under -196 C. In this method, all fungal biosynthesis processes are stopped and the fungi can stay living for a long time, but this method is expensive.
Some sterilized dried plant parts, sand and silica also can be used individually for preserving fungi. These methods used to preserve the dried cultures of fungi. If you want to use the fungus, only you must refresh it and grow it on suitable medium.
In addition to that, water with 10% glycerin in deep freezing can be used effectively for preserving fungi. Vial (Volume 2 ml) used for this purpose. It's a good method to preserve the fungi for a long time term.
According to my opinion, Lyophilization, Liquid Nitrogen and Glycerol may be the best methods for preserving fungi for a long periods. So, you can apply any one of them successfully.