The methanolic and aqueous extracts of dried wild edible mushroom were analyzed for phytochemical screening, antibacterial, antioxidant activity (DPPH) and total phenolic content. The preliminary phytochemical results showed the occurrence of active compounds such as carbohydrate, glycosides, phytosterols, phenol, tannins, flavanoids, alkaloid, terpenoids and saponins. The wild edible mushroom extracts showed varying degree ofinhibition on the test organisms (Escherichia coli, Staphylococcus aureus, Bacillus cereus and Salmonella typhi). P. ostreatus showed good antibacterial activities against all the microorganisms tested. P. ostreatus revealed a high phenolics concentration in methanolic extract (24.012 mg GAE/g) as compared to aqueous extracts (16.5468 mg GAE/g) and powerful antioxidant properties. The antioxidant activity of evaluated mushroom extracts gave positive results with free radical scavenging activity. The result obtained from this study has shown the potential of mushroom extract as a potent therapeutic agent and a food supplement. It could find applications in the prevention of free radical-related diseases as a source of bioactive compounds.