This study was carried out to observe the antioxidative activity, fibrinolytic activity, nitrite savenging ability and adenosine content of three medicinal mushrooms. Among water and ethanol extract of each mushroom, water extract of Inonotus obliquus (Czech) showed the highest antioxidative activity $(57.1{mu}g/ml)$, nitrite scavenging ability (52.04%), fibrinolytic activity (86.8%) and adenosin content $(94.3{mu}g/g)$, whereas nitrite scavenging ability of ethanol extract of Phellinus linteus showed higher than that of water extract. Apart from the above statements, water was effective than ethanol as extracting solvent in general. These results suggest that Inonotus obliquus (Czech) showed higher activities such as antioxidative activity, nitrite scavenging ability, fibrinolytic activity and adenosin content and water was effective as solvent except for nitrite scavenging ability.