Chroogomphis rutillus is an ectomycorrhizal edible mushroom available in China. The ethanolic, cold water and hot water extracts were prepared and their antioxidant properties studied. At 4 mg/mL, the ethanolic extract showed a high reducing power of 1.561, whereas those of cold water and hot water extracts were 1.161 and 0.808. With regard to the scavenging ability on 1,1-diphenyl-2-picrylhydrazyl radicals, extracts were effective in the order: ethanolic > cold water > hot water extracts. EC50 values for chelating ability on ferrous ions for ethanolic, cold water and hot water extracts were 15.755, 0.059, and 0.067 mg/mL, respectively. Based on EC50 values, the various extracts from C. rutillus were effective antioxidants.