The objective of this study was to evaluate the antioxidant activity of extracts of Protaetia brevitarsis larvae fed on fermented oak sawdust (FOS) or spent mushroom substrates (SMS, Pleurotus eryngii). Total polyphenol content was 32% higher in extracts of larvae fed on SMS (P. eryngii) (75.33±0.43 mg GAE/g) than in extracts of larvae fed on FOS (57.02±1.73 mg GAE/g). The flavonoid content of extracts of larvae grown on FOS and SMS (P. eryngii) was 24.6±0.28 mg/g and 25.4±0.75 mg/g, respectively. DPPH radical scavenging activity increased in an extract concentration-dependent manner, and the DPPH radical scavenging capacity of the extract of larvae produced on SMS (P. eryngii) was higher than that of the larvae produced on FOS. The reducing power of the larval extracts produced on FOS and SMS (P. eryngii) increased in an extract concentration-dependent manner, but there was no significant difference between them. The extract of larvae fed on SMS (P. eryngii) (66.55±0.99 uM TE/ g) had a higher oxygen radical absorbance capacity (ORAC) than extracts of larvae grown on FOS (76.32±0.48 uM TE/g). The effect of larval extracts on cell proliferation was investigated using a WST-1 (4-[3-(4-iodophenyl)-2-(4-nitrophenyl)-2H-5-tetrazolio]- 1,3-benzene disulfonate) assay on RAW 264.7 cells. When cells were treated with larval extracts produced on FOS and SMS (P. eryngii) at concentrations of 0, 2, 4, 8, 16, 32, 40, and 64 mg/ml, RAW 264.7 cells proliferated at 90% or more. Therefore, larval extracts produced on FOS and SMS (P. eryngii) were not toxic to RAW 264.7 cells.