Mushroom, Lentinus edodes which had been dried at $50^{circ}C$ for 20 hours were extracted with small amount of ethanol, methanol, chloroform and petroleum ether, respectively. The extracts were then dissolved in edible soybean oil, and the resulting substrates and a portion of the soybean oil (control) were placed in an incubator $(37.0{pm}1.0^{circ}C)$ for eight weeks. Peroxide values and TBA values of control and the substrates were determined regularly during the storage period. The results of the present study were as follows: 1. The moisture contents of the mushroom which was 84.88% on wet basis at the time of harvest were reduced to 15.12% after drying. 2. Extracts obtained from alcohols were effective in retarding the POV development. 3. There was not much difference among the TBA values after 14 days, but significant difference of the TBA values in control and the substrates extracts were observed in longer storage period TBA values of substrate containing ethanol and methanol in the later stage period were smaller than that of the substrates containing petroleum ether and chloroform. 4. In view of the POV and TBA value development, ethanol and methanol were more effective solvents for the extraction of antioxidant compounds in the dried mushroom than chloroform and petroleum ether.