Phellinus gilvus(PG) is a medicinal mushroom belonging to the Hymenochaetaceae basidiomycetes, and has advantages over many Phellinus species due to its short growth period (3 mo), making it cheaper to produce. In the current investigation, we determined the major components of the ethyl acetate extract of PG responsible for its biological activities and further compared the magnitude of the antioxidant/anti-inflammatory activities of components with the various fractional extracts of PG. As the results, the average total DPPH radical scavenging activities of both Fd and Fc of PG was 10 mg/mL, > 95%. Among the fractional extracts of PG, Fd had the greatest inhibitory activity with an IC50 value of 36.70㎍/mL, whereas Fb showed the lowest activity. PCA had even greater activity of NO inhibition than Fd with an IC50 value of 19.46㎍/mL. The mRNA expression of iNOS or COX-2 was nearly undetectable in the absence of LPS. However, LPS- stimulation markedly increased the expression of both iNOS and COX-2 genes. Fd inhibited the effect of LPS in a concentration-dependent manner. Six major compounds were identified from the ethyl acetate extract of PG, and protocatechualdehyde (PCA) was supposed to be the major phenolic compound of PG responsible for its DPPH free radical scavenging activity and its inhibitory effects on LPS-induced NO production in RAW264.7 cells. Further in vitro and in vivo experiments are currently underway to confirm this observation and to investigate the detailed molecular mechanisms involved in the process as well as the biological activities of other fractions of Fd.