Pholiota nameko is an edible mushroom belonged to Family Strophariaceae of Agaricales, Basidiomycota. The purpose of this study was to investigate the antioxidant and anti-inflammatory activities for the methanol and hot water extracts prepared from fruiting bodies of Pholiota nameko. Besides measuring for 2,2-diphenyl-1-picrylhydrazyl (DPPH) free radical scavenging activity, a reducing power and a chelating activity on ferrous ions were also measured to evaluate the antioxidant activity for those extracts. To measure the anti-inflammatory activities for the extracts, nitric oxide(NO) production from lipopolysaccharide treated RAW 264.7 macrophage cells and carrageenan-induced acute hind paw edema of rats were investigated. The results showed that those extracts has a excellent chelating activity on the ferrous ions compared with positive controls. And it also turned out that extracts had a good DPPH activity and a reducing power. The NO production in LPS-treated RAW 264.7 macrophage cells were decreasing as we increased concentration of those mushroom extracts. Significant reduction of paw edema were also observed at 2~6 h after we treated methanol and hot-water extracts at the 50 mg/kg concentration to the rats which are induced acute hind paw edema by carrageenan treatment. The experimental results suggested that methanol and hot-water extracts of Pholiota nameko fruiting bodies might be used for potential source of antioxidant and anti-inflammatory agents.