To develop health food and alternative medicine, water and ethanol extracts from Hypsizygus marmoreus (white cultivar) fruiting body were prepared, and its physiological functionalities were investigated. Antihypertensive angiotensin I-converting enzyme (ACE) inhibitor activity from water extract was showed higher of 60.5% than ethanol extract and SOD-like activity and xanthine oxidase inhibitory activity were also showed 24.1% and 23.0%, respectively. The other functionalities were very low or not detected. The maximal ACE inhibitory activity (80.5%) was obtained when the fruiting body of Hypsizygus marmoreus was extracted with distilled water (dilution 1 : 30) at 50 oC for 12 h.