This study was carried out to analyze the physiological activities of wild mushroom extracts collected from the Gangwon-do, Gyeonggi-do, and Chungcheongbuk-do provinces in Korea. Among the wild mushroom extracts, those of Clitocybe robusta and Leucopaxillus giganteus (OK829) showed the highest DPPH radical scavenging activities. Nitrite scavenging activity of the L. giganteus extract (OK811) was determined to be 64.1%, which is considerably higher than those of the other mushroom extracts analyzed in this study. The total polyphenol levels in Suillus granulatus, L. giganteus (OK829), and Amanita manginiana extracts were found to be 19.7 mg GAE/g, 20.2 mg GAE/g, and 22.3 mg GAE/g, respectively. To determine their antiinflammatory effects, nitric oxide production, and cell viability, NO measurement and MTT assays were performed using lipopolysaccharide (LPS)-treated RAW 264.7 cells. The levels of nitric oxide (NO) produced by the C. robusta and Hypholoma fasciculare extracts were remarkably lower than those produced by the others. In our MTT assay, the extracts of S. granulatus, L. giganteus (OK811), and Lactarius chrysorrheus showed high cell viabilities of 40.3%, 48.3%, and 43.2%, respectively. These results can provide the fundamental data for extracting useful compounds from wild mushrooms.