This study aimed to determine the chemical composition and biologic activities of eight mushroom species (Amanita crocea, Hemileccinum depilatum, Cyclocybe cylindracea, Lactarius deliciosus, Hygrocybe acutoconica, Neoboletus erythropus, Russula aurea and Russula sanguinea). The antioxidant, enzyme inhibitory and mutagenic/antimutagenic activities were evaluated to provide data on the biologic activities. With respect to the chemical composition, LC–MS/MS technique was used to determine individual phenolic compounds present in the extracts. Antioxidant properties were investigated by different chemical methods including radical quenching (DPPH and ABTS), reducing power (CUPRAC and FRAP), phosphomolybdenum and metal chelating. In the enzyme inhibitory assays, cholinesterases, tyrosinase, amylase and glucosidase were used. Mutagenic and antimutagenic properties were evaluated by the Ames assay. In general, the best antioxidant abilities were observed from H. depilatum and N. erythropus, which also showed highest level of phenolics. The best cholinesterase inhibition ability was found from C. cylindracea (1.02 mg GALAE/g for AChE; 0.99 mg GALAE/g for BChE). Tyrosinase inhibition ability varied from 48.83 to 54.18 mg KAE/g. The extracts exhibited no mutagenic effects and showed significant antimutagenic potential. H. acutoconica, in particular depicted excellent antimutagenicity with a ratio of 97% for TA100 and with a rate of 96% for TA98 strain against mutagens in the presence of metabolic activation system. Results presented in this study tend to show that the mushroom species could be exploited as potential sources of therapeutic bioactive agents, geared towards the management of oxidative stress, global health problems and cancer.