Cold water extracts from Hohenbuehelia serotina and Armillaria mellea fruit bodies were prepared and their antioxidant properties were investigated in three different assays, namely, 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging activity, reducing power and chelating ability on ferrous ions. Results showed that, at 4 mg/mL, the cold water extracts from A. mellea showed a high reducing power of 1.540. With regard to DPPH free radical scavenging abilities, EC50 value of extracts from A. mellea was 0.595 mg/mL, while that of extracts from H. serotina was 1.649 mg/mL. EC50 values for chelating ability on ferrous ions for cold water extracts from A. mellea and H. serotina was 0.319 and 0.685mg/mL, respectively. From EC50 values obtained, it can be concluded that cold water extracts from H. serotina and A. mellea were good in antioxidant properties.