ABSTRACT : Physiological activities of solvent extracts of Sparassis crispa were investigated for fibrinolytic, thrombin inhibitory, anti-oxidative and anti-inflammatory activities. The fibrinolytic activity was the highest in ethyl acetate extract (2.03 plasmin units/mL) followed by butanol extract (0.70 plasmin units/mL). The ethyl acetate extract exhibited the highest anti-oxidative activity as assessed by the 1,1-diphenyl-2-picrylhydrazyl (DPPH) free radical scavenging rate with a value of 95.94%. The chloroform extract showed thrombin inhibitory activity up to 83.87%. The chloroform extract also showed the highest anti-inflammatory effects on the production of nitric oxide (NO) in lipopolysaccharide (LPS)-stimulated RAW264.7 cells. These findings suggest that Sparassis crispa may be a useful material for development of drugs and functional foods.