This study was conducted to investigate the physiological activities of the water and ethanol extracts from three strains of Hypsizygus marmoreus. Largely, anti-hypertensive, anti-inflammatory, anti-diabetic, anti-tumorigenic activities were carried out. In addition, β-glucan contents were also measured. Mangadak 2 ho has the 36%(w/w) β-glucan contents, it is highest value of all strains. And it also showed highest inhibitory activities of angiotensin converting enzyme. GONJI No.6 highly inhibited releasing of nitric oxide from Raw 264.7. Anti-diabetic activity, the Hypsizygus marmoreus(from Japan) showed highest inhibitory activity on amyloglucosidase. MTT assay was performed on the anti-tumorigenic test. The cancer cell were used to HeLa, A549. repectively.