This study was conducted to develop a healthy functional food material using mycelial extract of Phellinus sp. Jangsoo and GMPL48007 were selected as suitable strains because of good mycelial growth and high functionality. The highest total polyphenols and reducing power were observed in the Jangsoo strain and the radical scavenging was shown in GMPL48007. Among grains media, whole-grain wheat had the highest extraction yield from mycelia of selected strains; especially, the GMPL48007 strain showed the highest content of beta-glucan.