This study was conducted to investigate the antimutagenic and antioxidative effects of Ganoderma lucidum. Ganoderma lucidum was extracted with hot-water (GLW), and then partially purified with crude glycoside extract (GLG) and crude polysaccharide extract (GLP). The yield from GLW, GLG, and GLP was 7.63%, 1.38%, and 1.04%, respectively. β-glucan content from GLW, GLG, and GLP was 15.2%, 29.3%, and 48.0%, respectively. The total polyphenolic content from GLW, GLG, and GLP was 33.1, 16.5, and 5.8 mg gallic acid equivalent/g, respectively. Regardless of the bacterial strain, the three extracts did not induce mutations up to a maximum concentration of 5,000 µg/plate. All three extracts showed antimutagenic effects. GLP, which had the highest content of β-glucan, was the most effective in inhibiting mutations. Alternatively, the antioxidant activity, measured by 2,2-diphenyl-1picrylhydrazyl and 2,2′-azino-bis (3-ethylbenzothiazoline-6-sulfonic acid) radical scavenging assays, was relatively high in GLW, which had the highest total polyphenolic content. Overall, G. lucidum extracts were genetically safe, and β-glucan was confirmed to be the major factor influencing the antimutagenic activity, whereas polyphenol was the major factor influencing the antioxidant activity of G. lucidum.