In the present study, physiological activities of hot water extracts and 70% ethanol extracts of three types of medicinal mushrooms (Hericium erinaceus, Cordyceps militaris, and Ganoderma lingzhi) produced in Korea and China were investigated. Both the hot-water and 70% ethanol extracts of H. erinaceus and C. militaris from Korea displayed the highest 2,2- diphenyl-1-picrylhydrazy radical scavenging activities. Nitrite scavenging activities of hotwater extracts of G. lingzhi from Korea and China (41% and 39%, respectively) were higher than the activities of 70% ethanol extracts. Total polyphenol contents of hot water extracts of H. erinaceus and C. militaris from Korea were higher than those of 70% ethanol extracts. The ethanol extracts of G. lingzhi from Korea displayed the highest total polyphenol content. C. militaris from Korea displayed the highest β-glucan level (45.11%). β-glucan content of H. erinaceus from China (30.87%) was higher than H. erinaceus from Korea (16.94%). The findings indicate that healthy ingredients can be maximally extracted using the optimal solvents for each mushroom. These results will be useful in understanding the difference in physiological activities between the solvents used for the extraction of medicinal mushrooms from Korea and China.