The aim of this study was to evaluate the physiological activities of hot-water and 70% ethanol extracts of three edible mushroom species (Auricularia auricula, Tremella fuciformis, and Lentinus edodes) cultivated in Korea and China. The DPPH radical scavenging activities of hot-water extracts of Korean A. auricula, T. fuciformis, and L. edodes were significantly higher than those of the Chinese counterparts (p < 0.01). However, the nitrite scavenging activities of the hot-water extracts did not significantly differ among the mushrooms regardless of their origins. Chinese A. auricula showed the highest nitrite scavenging activity in the ethanol extract. The total polyphenol contents of the ethanol extracts of the three edible mushroom species from both of the countries were higher than those of the hot-water extracts. Korean A. auricula and T. fuciformis yielded a high polyphenol content with hot-water extraction. The ?-glucan contents of the Chinese A. auricula, T. fuciformis, and L. edodes extracts were 20.49%, 31.43%, and 30.09%, respectively, which were higher than those of the Korean counterparts. From the results of this study, it can be deduced that the maximum yield of nutritional ingredients can be extracted by using the optimal solvent for each mushroom species. These results are expected to be useful in appreciating the difference among extracts of Korean and Chinese edible mushrooms in terms of their physiological activities in the solvents used.