Dictyophora indusiata is an edible mushroom belongs to Family Phallaceae of Phallales, Basidiomycota. The purpose of this study was to investigate the antioxidant and anti-inflammatory activities of methanol and hot water extracts prepared from fruiting bodies of Dictyophora indusiata. Besides measuring of 2,2-diphenyl-1-picrylhydrazyl (DPPH) free radical scavenging activity, a reducing power and a chelating activity on ferrous ions were also measured to evaluate the antioxidant activity for those extracts. To measure the anti-inflammatory activities for the extracts, nitric oxide(NO) production from lipopolysaccharide(LPS) treated RAW 264.7 macrophage cells and carrageenan-induced acute hind paw edema of rats were investigated. The results showed that the extracts have excellent DPPH scavenging and chelating activity on the ferrous ions compared with positive control. The nitric oxide(NO) production in LPS-stimulated RAW 264.7 macrophage cells were decreased as we increased the concentration of the mushroom extracts. Significant reduction of paw edema of rats were observed at 2~6 h after treatment of methanol and hot-water extracts with 50 mg/kg concentration to the rats which are induced acute hind paw edema by carrageenan administration. Therefore, the experimental results suggested that methanol and hot-water extracts of Dictyophora indusiata fruiting bodies might be used for natural sources of antioxidant and anti-inflammatory agents.