This study was conducted to determine the antioxidant, nitrite scavenging, melanin tyrosinase inhibitory, and melanogenesis inhibitory activities of fermented Coix lacryma-jobi L. var. mayuen Stapf. by Hericium erinaceum (Bull.: Fr.) mycelial hot water extract (FCLHE). Additionally, we analyzed β-glucan and ergosterol contents in FCLHE and C. lacryma-jobi hot water extract (CLHE). The ergosterol and β-glucan contents in FCLHE were 740.2 mg% and 245.3 mg%, respectively, whereas these components were not detected in CLHE. FCLHE showed higher cell viability than CLHE. When B16F10 cells were treated with 500 μg/mL each of CLHE and FCLHE, the FCLHE treated cells produced 8.9 uM nitric oxide (NO), which was lower than that produced by CLHE treated cells (10.6 uM). The FCLHE treated cells showed significantly greater tyrosinase inhibition and melanin production at all tested concentrations than when compared to the CLHE treated group. Antioxidant parameters such as DPPH and ABTS radical scavenging activities were higher in FCLHE than in CLHE. These results suggest that FCLHE can be used as a raw material for functional foods, for food additives, and in the cosmetic industry.