The aim of this study was to investigate the biological activity of extracts obtained from the mycelium, sclerotium, and fruiting body of Wolfiporia cocos using different extraction solvents (hot water, 70% ethanol, and 70% methanol). Among the three developmental stages, the mycelium extracts showed the highest DPPH (2,2-diphenyl-1-picrylhydrazyl) radical scavenging activity, ferric reducing antioxidant power (FRAP), nitrite scavenging activity, and total polyphenolic content. Among the extraction solvents in the context of the W. cocos mycelium, the DPPH radical scavenging activity, FRAP, and total polyphenol content in the hot-water extracts were significantly higher than those in the other extracts. In the case of the sclerotium, the reducing power, nitrite scavenging activity, and total polyphenol content were significantly higher in 70% ethanolic extracts. The fruiting body showed the highest DPPH radical scavenging activity, reducing power, nitrite scavenging activity, and total polyphenol content in the context of hot-water extraction. Moreover, the β-glucan content was significantly higher in the sclerotium versus the mycelium or fruiting body. The total amino acid and total essential amino acid contents were remarkably higher in the mycelium and fruiting body than in the sclerotium; of note, and arginine (Arg) and phenylalanine (Phe) were highly detected among the amino acid components.