Russula rosacea, a mycorrhizal fungus, has been used for edible and medicinal purposes. This study was conducted to evaluate the in vitro antioxidant, anti-hyperglycemic, anti-cholinesterase, and nitric oxide inhibitory effects of the fruiting bodies from R. rosacea extracted with methanol, and hot water. The 1,1-diphenyl-2-picryl hydrazyl (DPPH) radical scavenging activities of the methanol and hot water extracts (2.0 mg/ml) of R. rosacea were comparable with BHT, the positive control. The chelating effects of the mushroom and hot water extracts were significantly higher than that of BHT. The reducing power of methanol and hot water extract (6 mg/ml) were significantly lower than that of BHT. Seven phenolic compounds were detected from acetonitrile and hydrochloric acid solvent extract of the mushroom. alpha-amylase and alpha-glucosidase inhibitory activities of methanol and hot water extracts were lower than that of acarbose, the positive control. The acetylcholinesterase and butyrylcholinesterase inhibitory effects were moderate compared with galanthamine, the standard drug. Nitric oxide (NO) production in lipopolysaccharide (LPS) induced RAW 264.7 cells were inhibited significantly by the mushroom extracts in a concentration dependent manner. Therefore, we demonstrated that fruiting bodies of R. rosacea possess in vitro antioxidant, anti-hyperglycemic, anti-cholinesterase, and NO production inhibitory activities. The experimental results suggest that the fruiting bodies of R. rosacea are good natural antioxidant, anti-hyperglycemic, anti-cholinesterase, and anti-inflammatory sources.