Mushrooms have antioxidant, antitumor and antimicrobial activities, so they and their extracts including purified ingredients are being used as a great source of functional food, drugs and especially nutraceuticals. They have many bioactive compounds such as polysaccharides (mainly β-glucans), glycoproteins, nucleotide analogs, terpenoids and polyphenols. These compounds have biological activities such as anti-cancer, anti-viral, anti-obesity, immunomodulating activity and etc. In this review, we discussed the current bioactivity information related to 10 famous mushrooms in Korea. Mushrooms and active compounds derived from mushrooms were summarized as well as mushroom products such as foods, functional foods, and medicines. It can provide good information for scientists and customers who want to develop a new product and to promote health and life quality.