Lactarius volemus is a species of fungus in the genus Lactarius. It is distributed in warm temperate regions and northern areas of the Northern Hemisphere, and has been collected in Europe, North America, Central America, and Asia. A mycorrhizal fungus, its fruit bodies grow either individually or in groups at the base of various species of trees from summer to autumn.
It is valued as an edible mushroom, and is sold in markets in Asia. The colour varies from apricot to tawny, and the cap may be up to 11 cm (4.3 in) wide.

The pale golden yellow gills on the underside of the cap are closely spaced and sometimes forked.
One of the mushroom's most distinctive features is the large amount of latex ("milk") it exudes when the gills are damaged. It has a distinctive fishy smell, which does not affect the taste. The mushroom contains a natural rubber that has been chemically characterized