Reactive oxygen species reacts with numerous molecules in the body system causing oxidative damage, which requires antioxidants to ameliorate. Pleurotus ostreatus, a highly nutritious edible mushroom, has been reported to be rich in bioactive compounds. This study evaluated the comparative antioxidant activity and phytochemical contents of five extracts of P. ostreatus: aqueous (AE), chloroform (CE), ethanol (EE), methanol (ME) and n-hexane (HE). The phytochemical composition and antioxidant activity of the extracts were determined using standard in-vitro antioxidant assay methods. Results showed that the extracts contained alkaloids, tannins, saponins, flavonoids, terpenoids, phenolics, cardiac glycosides, carbohydrates, anthrocyanins, and betacyanins in varied amounts. CE had the highest flavonoid content (104.83 ± 29.46 mg/100 g); AE gave the highest phenol content of 24.14 ± 0.02 mg/100 g; tannin was highest in EE (25.12 ± 0.06 mg/100 g); HE had highest amounts of alkaloids (187.60 ± 0.28 mg/100 g) and saponins (0.16 ± 0.00 mg/100 g). Antioxidant analyses revealed that CE had the best hydroxyl radical activity of 250% at 100 µg/ml and ferric cyanide reducing power of 8495 µg/ml; ME gave the maximum DPPH activity (87.67%) and hydrogen peroxide scavenging activity (65.58%) at 500 µg/ml; EE had the highest nitric oxide radical inhibition of 65.81% at 500 µg/ml and ascorbate peroxidase activity of 1.60 (iU/l). AE had the best total antioxidant capacity (5.27 µg/ml GAE at 500 µg/ml) and ferrous iron chelating activity (99.23% at 100 µg/ml) while HE gave the highest guaiacol peroxidase activity of 0.20(iU/l). The comparative phytochemical and antioxidant characteristics (IC50) of the extracts followed the order: CE > AE > EE > ME > HE. Overall, chloroform was the best extraction solvent for P. ostreatus. The high content of phenolic compounds, flavonoids, and alkaloids in P. ostreatus makes it a rich source of antioxidants and potential candidate for the development of new therapies for a variety of oxidative stress-related disorders.