The antioxidant and anticancer activities of Phellinus linteus, Inonotus obliquus, and Pleurotus ostreatus according to extraction methods were measured. The contents of polyphenolic compounds were higher in fermented extracts than those in water extracts. The contents were 192.4mg/100 $m{ell}$ for Inonotus obliquus vinegar, 186.9 mg/100 $m{ell}$ for Phellinus linteus vinegar, and 156.5 mg/100 $m{ell}$ for Pleurotus ostreatus vinegar, respectively. EDA(electron donating ability) in Phellinus linteus that was highest among mushrooms was 83.9% in the water extract and 96.8% in the fermented extract. The growth of stomach cancer cells, SNU-719 was inhibited 62.4%, 65.5%, and 53.0% by Phellinus linteus vinegar, Inonotus obliquus vinegar, and Pleurotus ostreatus vinegar, respectively and also the growth of liver cancer cells, Hep3B was inhibited 67.1%, 68.3%, and 57.6% by Phellinus linteus vinegar, Inonotus obliquus vinegar, and Pleurotus ostreatus vinegar, while the growth of normal cell, DC2.4 was not affected. Even though Phellinus linteus and Inonotus obliquus showed higher inhibition in cancer cell growth, Pleurotus ostreatus can be efficiently used for antioxidant and anticancer activities due to their cheap price in the market.