This study was conducted to in vitro antioxidant and anti-inflammatory activities of EtOH extracts of Cordyceps militaris (CM). Antioxidant potential, total phenolic and flavonoid contents of CM EtOH extracts were determined by Folin-Ciocalteu method and the aluminum chloride colorimetric method, respectively. Antioxidant activity of CM extracts was measured by following some well-established methods for free radical scavenging such as 2,2-diphenyl-picrylhydrazyl hydrate and 1,2,2-azinobis-(3-ethylbenzothiazoline-6-sulfonic acid). Moreover, Anti-inflammatory activity of CM extracts was determined by measuring the inhibition of nitric oxide (NO) production in lipopolysaccharide/interferon-γ-activated RAW264.7 macrophage-like cells. In addition, cytotoxicity of CM extracts against macrophages was determined by MTT assay. Our results showed that total phenolic content was 19.7 mg gallic acid/g extract. Total flavonoid content was 5.0 mg Naringin/g. Its antioxidant activity was assessed by IC50 value and the values are 338.8 μg/ml (DPPH radical scavenging), 35.4 μg/ml (ABTS radical scavenging). In addition, CM extracts attenuated NO production through the reduction of cellular inducible NO synthase protein expressions. Using MTT assay on indicate that CM extracts showed no toxicity. In conclusion, these results provide important evidence that CM extracts can potentially be used to antioxidant and anti-inflammatory agent.