The antioxidant activities and β-glucan contents of hot-water extracts of the eggs and fruiting bodies of Phallus indusiatus were investigated using different drying methods, and the amino acid contents as nutritional components of the eggs and fruiting bodies of P. indusiatus were analyzed. DPPH radical scavenging and nitrite scavenging activities of hot-water extracts of the eggs of P. indusiatus obtained after hot-air drying were 59.4% and 15.6%, respectively, at 1 mg/ml concentrations, which showed higher activities than those of freeze dried samples. Total polyphenol and β-glucan contents in hot-air-dried hot-water extracts of the eggs of P. indusiatus were 8.25 mg GAE/g and 45.9%, respectively, which were the highest among all samples. Additionally, 17 amino acids were detected from the hot-water extracts of the eggs and fruiting bodies of P. indusiatus, and the amino acid contents were higher in the eggs than in the fruiting bodies. Cysteine, phenylalanine, and glutamic acid were the most abundant essential and non-essential amino acids in the analyzed extracts. The results of this study showed that the physiological activities of the antioxidants from P. indusiatus, well known as wild edible mushroom, were greater when extracted from the dried samples. Further, the amino acid contents were higher in the egg extracts than in the extracts from the fruiting bodies of P. indusiatus.