Pileus and stipe of mushroom Russula griseocarnosa from South China were analyzed separately for chemical composition and antioxidant activities. The wild mushroom species proved to have antioxidant potential, using assays of reducing power, chelating effect on ferrous ions, scavenging effect on hydroxyl free radicals, and 2,2-diphenyl-1-picrylhydrazyl (DPPH) radical scavenging activity. The mushroom contained very useful phytochemicals such as phenolics, flavonoids, ergosterol, and beta-carotene. The phenolic composition of R. griseocarnosa was analyzed by high-performance liquid chromatography (HPLC). The major component in R. griseocarnosa was quercetin (95.82 microg/g). The combination of bioactive substances and rich nutritional composition (high contents in protein and carbohydrates, low content in fat) in the mushroom should be useful to consumers in encouraging them to utilize the nutritive potential of this edible wild mushroom.