Samples (10 mg/mL) of wild Grifola frondosa aqueous extract and solvent fractions were examined for fibrinolytic, thrombin inhibitory, acetylcholinesterase inhibitory, and antioxidative activities to determine the biological activities. The fibrinolytic activity of the aqueous extract and solvent fractions was 0.93 and 0.73 plasmin units/mL, respectively. The thrombin inhibitory activity of the butanol extract was 79.60%. The chloroform fraction had high acetylcholinesterase inhibitory activity (85.88%). The aqueous extract had low antioxidative activity (39.81%). The aqueous fraction hydrolyzed Bβ subunits of human fibrinogen but did not show any reactivity for the γ form of the human fibrinogen. The findings indicate the potential of wild Grifola frondosa for the development of drugs and bio-functional foods to prevent cardiovascular diseases.