Antioxidant activities of various mushroom fruiting bodies were investigated in vitro. Among the mushroom extracts examined, Armillariella mellea, Daedalea dickinsi, Fomitella fraxinea and Pleurotus cornusopiae markedly exhibited inhibition on lipid peroxidaton of rat liver microsomes. Ergosterol peroxide (5,8-epidioxy-5α,8α-ergosta-6,22E-dien-3β-ol), antioxidant from A. mellea, was isolated by solvent extraction, silica gel column chromatography and recrystallization. The structure of the compound was determined by NMR, GC/MS and X-ray crystallography. Ergosterol peroxide showed potent inhibition on lipid peroxidation and exhibited higher antioxidant activity than well-known antioxidants, α-tocopherol and thiourea.