In order to apply into functional food or medicinal industry, nutritional characteristics and physiological functionality of Hypsizygus marmoreus (brown cultivar) were investigated. Fruiting body of H. marmoreus contained 27.3% of crude protein, 55.8% of total sugar and 11,109.3 mg/100 g dry weight of malic acid. Furthermore, 66.7% of antihypertensive angiotensin I-converting enzyme (ACE) inhibitory activity and 37.3% of anti-gout xanthin oxidase inhibitory activity showed in the water extract from H. marmoreus. The economically ACE inhibitory activity (81.4%) was obtained when the fruiting body of Hysizygus marmoreus was extracted with distilled water of 50 oC for 12 h, even though maximal ACE inhibitory activity (84.4%) was showed the extracts from 70 oC for 12 h.