The total polyphenol and physiological activities of Pleurotus ostreatus 30% fermented ethanol using different drying methods and extraction periods were investigated. Based on the observed polyphenol content and physiological activity, freezedrying showed better results than hot air-drying method for P. ostreatus extracted with 30% fermented ethanol for more than 15 days. The total phenolic compound content of ‘Gosol’ following thefreeze-drying method for 15 days showed the highest value of 0.49±0.02 mg/mL. Freeze-drying with extraction for 30 days for ASI 2344 showed the highest antioxidant activity based on the DPPH radical scavenging rate of 35.50±3.29%. Freeze-drying ‘Gosol’ for 30 days resulted inthe highest anti-inflammatory and nitrite scavenging activity of 48.40±3.38%. Our results showed that P. ostreatus is a functional food.