Edible macro-fungi are widely consumed as food sources for their flavors and culinary features. In order to explore the potential of macro-fungi as a natural resource of bioactive compounds, the antioxidant properties and polysaccharide contents of 49 edible macro-fungi from China were evaluated systematically. A positive correlation between antioxidant capacity and total phenolic content indicated that phenolic compounds could be main contributors of antioxidant capacities of these macro-fungi. Furthermore, many bioactive compounds such as gallic, homogentisic, protocatechuic, and p-hydroxybenzoic acid were identified and quantified. The macro-fungi species Thelephora ganbajun Zang, Boletus edulis Bull., Volvariella volvacea Sing, Boletus regius Krombh, and Suillus bovinus Kuntze displayed the highest antioxidant capacities and total phenolic contents, indicating their potential as important dietary sources of natural antioxidants.