For development of new bioactive compounds from main edible mushrooms, we determined some physiological functionalities of water extracts from mushrooms. Among water extracts from some mushroom fruiting bodies, water extracts from Pleurotus ostreatus showed 73.2% of anti-hypertensive angiotensin I-converting enzyme inhibitory activity and 73.3% of anti-gout xanthine oxidase inhibitory activity, respectively. Fibrinolytic activity was also showed 21.5 mm of clear zone in water extract of Lyophyllum cinerascens. However, the other physiological functionalities were very weaked except 40.3% of antioxidant activity in Lentinus lepideus. Furthermore, the water extracts of Pleurotus eryngii and Lyophyllum cinerascens showed high anti-osteoporosis osteoclast differentiation inhibitory activity. However, the water extract from Lentinus lepideus and Pleurotus ostreatus were not detected any osteoclast differentiation inhibitory activity.