Colored oyster mushrooms, P. salmoneostramineus(Pink), P. cornucopiae(yellow), P. ostreatus(dark-gray), were investigated for their antioxidant and anticancer activities. Among the three mushroom extracts, the P. cornucopiae extract (2mg/ml) showed the strongest ability in each assay, showing 84.4% of DPPH radical scavenging activity, 0.532 of reducing power, 85.2% of Fe2+-chelating ability. Total phenolic content of P. cornucopiae was also higher than those of that. Positive correlations were found between total phenolic content and antioxidant activity. The extract of P. ostreatus and P. salmoneostramineus showed high suppressive effects in the treatment of 500㎍/ml against HT-29(human colon cancer cell line) with survival rates of 39.9 and 40.7%, respectively.