To better understand the degree of damage to two Ming Dynasty polychrome wood carvings at Shenzhen Museum, as well as the materials and processes used to make them, and to provide a scientific bases for their conservation and repair, they were examined by super-depth 3-dimensional video microscopy, micro infrared spectroscopy, Raman spectroscopy, X-ray diffraction, X-ray fluorescence, etc. It was concluded that the wood used for the carvings belongs to the family Lauraceae Juss, possibly a species of Cinnamomum Schaeffer. The coatings are polychrome layers. The wood was first coated with a layer of lime, then a textile layer was added. Pigments were applied on the textile layer. Finally a coating film was brushed on to protect the paintings. The lime layer is plaster and the textile is cotton fabric. Most pigments used are mineral pigments. The blue pigment is ultramarine, the black is carbon black and the golden color is copper powder. However, the red material is a plant dye – madder root dye. The surface protection film is a modern alkyd resin. A large number of fungal spores and hyphae were found on rotted wood areas and on surface paint layers. It can be concluded that fungi are one of major causes of the wood decay. This study provides a foundation for a better understanding and scientific protection of polychrome wood carvings.