Phallus impudicus var. impudicus L. is an edible mushroom that has long been used as folk medicine in China. The aim of this study was to evaluate the antioxidant, anti-cholinesterase, and inflammation inhibitory activities of a methanol extract of fruiting bodies of P. impudicus var. impudicus L. The extract exhibited good 1,1-diphenyl-2-picrylhydrazyl scavenging activity, excellent ferrous ion chelating activity, and moderate hydroxyl radical scavenging activity compared with BHT at 2.0 mg/ml. However, the reducing power of the extract was significantly lower than that the BHT positive control. Although the inhibitory activities of methanol extract on acetylcholinesterase and butyryl cholinesterase were significantly lower than the galanthamine positive control at the concentration tested, the inhibition of acetylcholinesterase and butyryl cholinesterase was 52.83% and 55.17%, respectively, at 1.0 mg/ml. The methanol extract also demonstrated excellent inhibition of inflammation-related activities, such as production of nitric oxide in lipopolysaccharide-induced RAW 264.7 macrophage cells and acute edema induced by administration of carrageenan on the hind paw of rats. The collective results suggest that the fruiting body of P. impudicus var. impudicus L. might be a good source of antioxidant, anti-cholinesterase, and anti-inflammation compounds.