Agaricus fungi are widely distributed in nature, their secondary metabolites with novel structures and significant biological activities, mainly including steroids, terpenoids, nitrogen compounds, sphingoids, aliphatic compounds and other structural types, some of them possessed anti-tumor, antibacterial, anti-neurolysin, anti-angiotensin-converting enzyme activities. The secondary metabolites and their biological activities of Agaricus fungi in recent 20 ye ars were reviewed to provide theoretical basis for further research and new drug development.