Calocybe indica (Purkayastha, 1974), Milky mushroom, is a relatively new to the world of mushroom industry, which is belong to Lyophyllaceae of Basidiomycota, and commonly used as edible mushroom in India and Southern Asia country. This study was conducted to investigate the free radical scavenging, skin whitening and anti-collagenase activities of methanol extract from fruiting body of C.indica cultivated in Bangladesh. In addition, the polyphenol compounds of the extract were analyzed by HPLC. The mushroom extract showed good activity in lipid peroxidation which ranged from 29.35% to 55.39% at the concentration 0.125~2.0 mg/mL. The scavenging activity of the extract on 1,1-diphenyl-2-picrylhydrazy radicals were from 20.22~83.93% at the same tested concentration, which were comparable with the positive control BHT. The hydroxyl radical scavenging activity of the extract was 76.24~93.92%. The skin whitening effect of the mushroom extract was performed with UV light protecting, tyrosinase and DOPA inhibitory activities. The methanol extract absorbed UV-B wavelength with maximum level of 0.356 at 280 nm. The tyrosinase and DOPA inhibitory activities of the extract were ranged from 30.36 ~ 66.25% and 7.13 ~ 30.25% at the concentration 0.125~2.0 mg/mL, respectively. Furthermore, anti-collagenase activity were determined by measuring collagenase and elastase inhibitory activity. The collagenase and elastase inhibitory activity of the extract were 42.77% and 51.08% at the concentration 1.0 mg/mL, respectively. The experiment results suggested that fruiting body of Calocybe indica could be used as natural skin care and antioxidant agents.