The present study was performed to evaluate the anti-oxidant and anti-proliferating activity of the water extract mixture of Cordyceps militaris (CM) and Allium tuberosum (AT). The water extract mixture rate of CM and AT was optimized by means of a sensory evaluation test. The optimized mixture rate were decided at 70% of CM, 30% of AT, and 10% of apple concentrate as an additive. The values of total acidity, pH, sugar contents, and turbidity of the water extract mixture were 0.1%, 4.28, 9.10 °Brix, and 1.48 respectively. The water extract mixture had effective DPPH radical scavenging activity, reducing power effect, and ABTS radical activity. DPPH radical activities of the water extract and the water extract mixture were 43.2% and 51.7% respectively; their reducing power (OD700) was 1.14 and 1.43 respectively; and ABTS .+ radical activities were 47.1% and 62.2% respectively. Also, the water extract mixture showed a higher anti-proliferating effect than the AT extract on human prostate cancer cells. These results provided experimental evidence that the water extract mixture of CM and AT is a better source of anti-oxidant and anti-cancer ingredients than a single extract of CM. In conclusion, the water extract mixture of CM and AT will be beneficial in development of a functional drink.