This study was conducted to investigate the physicochemical characteristics, antioxidant capacities of Phellinus linteus and Ganoderma lucidum commercial tea products. The physicochemical characteristics included pH, Hunter‘s color values, soluble solid contents, evaporation residues, and β-glucan contents. The antioxidant capacities were measured by 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging activities, ferric reducing antioxidant power (FRAP), and 2,2’-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) (ABTS) radical scavenging activities, total phenolic contents (TPC), and total flavonoid contents (TFC). The pH, soluble solid contents, evaporation residues, and β-glucan contents were in the range of 4.43-7.05, 0.40-0.73 °Brix, 62.04-258.84 mg/100 g, and 15.51-62.32 mg%, respectively. Hunter’s color values (L, a, and b) indicated 41.76-55.02, -0.49-5.06, and 17.41-28.32, respectively. The antioxidant capacities showed 32.63-367.81 μM GAE (DPPH radical scavenging activities), 321.86-1,035.19 μM TE (FRAP), 703.50-1,091.83 μM (ABTS radical scavenging activities), 286.56-916.00 μM (TPC), and 85.33-635.33 μM (TFC). Overall, P. linteus liquid tea 2 (PL2) and G. lucidum liquid tea 1 (GL1) showed high antioxidant capacities (p<0.05). The TPC and TFC were highly correlated with DPPH radical scavenging activities, FRAP, and ABTS radical scavenging activities (r=0.7298-0.9743), but the β-glucan contents were not correlated well with antioxidant activities tested (r=0.3146-0.6663).