In this study, we analyze the antioxidant and anti-inflammatory activities of various extracts of Cryptoporus volvatus. Three extracts were prepared using hot-water, 70% ethanol, and 70% methanol. Compared to the hot-water and 70% methanol extracts, the 70% C. volvatus ethanol extracts showed significantly higher DPPH radical scavenging activities (76.1%), nitrite scavenging activities (29.5%), and total polyphenol content (9.17 mg GAE/g). The DPPH radical and nitrite scavenging activities of C. volvatus both correlated significantly with the total polyphenol content. The Pearson’s correlation coefficient of DPPH radical and nitrite scavenging activities with total polyphenol content were r = 0.744 (p<0.05) and r = 0.921 (p<0.01), respectively. To test their anti-inflammatory effects, nitric oxide production and cell viability were measured by performing nitric oxide (NO) and MTT assays on lipopolysaccharide-treated RAW 264.7 cells. The NO production levels of the 70% ethanol extract-treated cells were slightly lower than those of the others. In our MTT assay, the hot-water extracts showed higher cell viabilities (81.4%) than those of 70% ethanol and 70% methanol extracts. The ?-glucan content of C. volvatus was 37.8%. From the results of this study, it is suggested that C. volvatus, an easily accessible wild mushroom, has potential to be used in the development of medicines, cosmetics, and functional health foods.