Evaluations of the nutritional ingredients, biologically active materials, and pharmacological activities (antibacterial and antioxidant) of two types of Stropharia rugosoannulata, grown under the bamboo forest and in the greenhouse, respectively, were carried out in this study. The nutritional ingredient tests included moisture, ash, crude protein, crude fat, crude fiber, total carbohydrates, total sugar, mineral elements, vitamins, and amino acids. The biologically active material assays included total flavonoids, total polysaccharides, total triterpenoids, and reducing sugars. In addition, a broth microdilution susceptibility test was performed to evaluate antibacterial activity. The antioxidant activity was measured by ABTS+ radical scavenging, ferric-reducing power, and β-carotene bleaching assays. Results showed that two types of S. rugosoannulata were rich in protein, carbohydrate, fiber, mineral, B-group vitamins, polysaccharides, triterpenoids, and reducing sugars, with low content of fat and low Na/K ratio. Besides, they were effective in antibacterial and antioxidant activities, while S. Rugosoannulata grown under the bamboo forest was better than the greenhouse one in some respects such as higher content of protein, calcium, selenium, nicotinic acid, folic acid, polysaccharides and triterpenoids, and stronger antibacterial and antioxidant activities. They were appropriate for functional food and nutritional supplements, especially bamboo forest.