P. linteus (Korea Sanghwang, PLKS) and P. baumii (Jangsoo Sangwhang, PBJS) were artificially cultivated under the same conditions. Fruiting bodies were extracted using 70% methanol, 60% ethanol, and hot water. Phenol and flavonoid contents were optimally extracted using 60% ethanol. Antioxidant activities of 60% ethanol extracts from fruiting bodies and mycelia from each Sanghwang mushroom species were measured using DPPH (2,2-diphenyl-1-picrylhydrazyl), ABTS (2,2'-azino-bis (3- ethylbisthiazoline-6-sulfonic acid) radical scavenging activities, and FRAP (ferric reducing antioxidant power). The antioxidant activities of fruiting bodies were relatively higher in comparison to those of mycelial samples. In high performance liquid chromatography (HPLC) analysis, styrylpyrone-class poly phenolic compounds, davallialactone, hispidin, hypholomine B, and inoscavin A were detected in fruiting body samples of two Sanghwang mushroom species, but not in their mycelial samples.