Methanol extracts of mosaic puffball (Handkea utriformis, Bovistella utriformis, Lycoperdon utriforme, Calvatia utriformis -current name is a subject of debate), from three different stages -mycelium (HUMIC), immature (HUI) and mature fruiting bodies (HUM) were characterized and tested for antioxidant, antimicrobial and inhibitory activity on tyrosinase, acetyholinesterase (AChE), butyrylcholinesterase (BuChE) and 3-hydroxy-3-methylglutaryl-coenzyme A reductase (HMG-CoA-R).Immature, edible, fruiting bodies were shown to be a good source of antioxidants (11.5 mg/g of extract) and cholesterol-lowering agent, lovastatin (234 μg/g of extract), and exhibited significant antimicrobial activity. In addition, HUI showed good and selective AChE (4.48 mg/mL) and nonlovastatin related HMG-CoA-R inhibition (1.16 mg/mL), which all together suggests that regular consumption of it may have health benefits.Mature fruiting bodies, inedible due to powdery consistence, have been used in traditional medicine for wound treatment; their extract was relatively rich in free ergosterol (31.65 mg/g of extract), N-acetylglucosamine (24 mg/g of extract), αtocopherol (4 mg/g of extract) and had best overall antioxidant activity, which was in correlation with its highest phenolic content (19.4 mg GAE/mL). It also exhibited significant tyrosinase inhibitory activity (0.22 mg/mL) and thus could be used in medicinal and cosmetic products for wound healing and bleaching. Mycelium, which can be easily grown in laboratory conditions did not have the same properties as, neither immature or mature fruiting bodies, although it showed prominent antimicrobial activity, notably against Pseudomonas aeruginosa (MIC = 0.0625 mg/mL) and could be a source of antimicrobial compounds.