We investigated antifungal and antioxidant activity of Equsetum arvense L. The sterile stems of Equsetum arvense L. were extracted with methanol and then fractionated with n-hexane, ethyl acetate, butanol, and water. And their antifungal activities were determined by using paper disk diffusion method and (1. 3)β-glucan synthase inhibitory activity assay, and antioxidant activities were determined by using DPPH method. The ethyl acetate fraction showed antifungal activity on Candidas albacans in both disk diffusion and enzyme assays. This also showed antioxidant activity in DPPH assay. Further fractionation with ethyl acetate fraction was performed to obtain effective fractions. 4, 5, 6 and 7 fractions showed the significant antifungal antivities, and, 4 and 5 fractions showed the strongest antioxidative activity.