Recently, mushrooms are interesting natural products to be investigated due to exhibiting various bioactivities. This study determines the antioxidant and anticholinesterase activities of various extracts of five wild mushroom species. In addition, the total bioactive contents, namely, ascorbic acid, β-carotene, and lycopene along with phenolic and flavonoid contents were also determined spectrophotometrically. Antioxidant activity was tested by using five complementary tests; namely, β-carotene-linoleic acid, DPPH(•) scavenging, ABTS(•+) scavenging, cupric-reducing antioxidant capacity (CUPRAC), and metal chelating assays. The in vitro anticholinesterase activity was tested against acetylcholinesterase (AChE) and butyrylcholinesterase (BChE) enzymes using the Ellman method. The spectrophotometric methods were used to determine the total phenolic, flavonoid, ascorbic acid, β-carotene, and lycopene contents. The current study has shown that ethyl acetate extracts of Ganoderma lucidum (Curtis) P. Karst (IC50: 1.55 ± 0.05 µg/mL) and Funalia trogii (Berk.) Bondartsev & Singer (IC50: 4.31 ± 0.18 µg/mL) exhibited good lipid peroxidation inhibitory activity. The DPPH, ABTS, and CUPRAC assays supported this activity. The ethyl acetate and methanol extracts of Funalia trogii and Ganoderma lucidum indicated good anticholinesterase activity. Ganoderma lucidum had rich phenolic and flavonoid contents, indicating 98.67 ± 0.32 mg PEs/g extract and 160.38 ± 1.25 mg QEs/g extract, respectively. The results demonstrate that some of the mushroom species tested herein could be used in food and pharmaceutical industries as natural antioxidants.