The present study aimed to investigate the chemical composition, bioactive compounds, and antioxidant activity of two wild edible mushrooms, the honey fungus (Armillaria mellea) and the parasol mushroom (Macrolepiota procera), collected from Northern Morocco (MA) and Portugal (PT). Those species were chosen due to their edibility, nutraceutical, and medicinal properties. Bioactive compounds (ascorbic acid, tannin, total phenolic, total flavonoid, β-carotene, and lycopene) and their antioxidant activity were determined by spectrophotometric methods. Herein, the fruiting body of the samples revealed a significantly higher amount of bioactive compounds, and values varied between the Moroccan and the Portuguese ones. Methanolic extracts shown a strong antioxidant capacity: Using DPPH free radical-scavenging activity radicals (IC50 1.06–1.32 mg/mL); inhibition of β-carotene bleaching radicals (IC50 0.09–0.53 mg/mL); and, reducing power radicals (IC50 0.52–1.11 mg/mL). The mushroom species with the highest antioxidant capacity was A. mellea from MA. Chemical composition was analyzed by GC-MS and LC-MS methodologies. GC-MS analysis showed that the most abundant biomolecules group was sugar compositions in the four samples (62.90%, 48.93%, 59.00%, and 53.71%) and the main components were galactitol 16.74%, petroselinic acid 19.83%, d-galactose 38.43%, and glycerol 24.43% in A. mellea (MA), A. mellea (PT), M. procera (MA), and M. procera (PT), respectively. LC-MS analysis of individual phenolic compounds revealed that vanillic acid (198.40±2.82 µg/g dry weight (dw) and cinnamic acid (155.20 ± 0.97 µg/g dw) were the main compounds detected in A. mellea, while protocatechuic acid (92.52 ± 0.45 and 125.50 ± 0.89 µg/g dw) was predominated in M. procera for MA and PT samples, respectively. In general, the results of this comparative study demonstrate that the geographic and climatic conditions of the collection site can influence biomolecule compounds and antioxidant properties of wild mushrooms. This study contributes to the elaboration of nutritional, nutraceutical, and pharmaceutical databases of the worldwide consumed mushrooms.