The in vitro antioxidative and antimutagenic activities of ethanolic extracts from oak mushroom (Lentinus edodes) and king oyster mushroom (Pleurotus eryngii) byproducts were investigated. The antioxidant capacity of the extracts was assessed by determining the ferricyanide reducing power, scavenging activity on nitrite, DPPH radical, superoxide anions and hydroxyl radicals, ferrous ion chelating ability, and inhibitory effect on linoleic acid peroxidation and xanthine oxidase. The antimutagenic activity, on the other hand, was based on the suppression of mitomycin C-induced mutagenesis in Escherichia coli cells. Both the mushroom extracts showed strong antioxidative and antimutagenic effects at higher concentrations. In general, extracts from the oak mushroom byproduct had greater antioxidative and antimutagenic abilities than that of the king oyster extract. Results of this study demonstrate that the mushroom byproducts possess strong antioxidant capacity in vitro and may be useful as a functional biomaterial in the preparation of health-promoting food products and animal feeds.