Bioactivity is defined as the intrinsic property of compounds that enables their participation in specific biological reactions. This study aimed to evaluate the antimicrobial capacity and to separate and characterize bioactives from aqueous and hydroalcoholic extracts obtained from the mycelium of medicinal mushrooms Pleurotus albidus and Phellinus linteus. Antimicrobial activity, through the disc diffusion method, was found against strains of Bacillus cereus, B. subtilis, Pseudomonas aeruginosa, and Staphylococcus aureus. P. albidus extracts showed better activity against Bacillus strains, whereas Ph. linteus extracts had greater effectiveness against S. aureus and P. aeruginosa. Aqueous extraction was best for obtaining bioactive compounds of P. albidus, whereas 30% hydralcoholic extraction performed best for obtaining Ph. linteus. Mass spectrometry analyses allowed the identification of the main chemical compounds extracted from the fungal biomasses, including glutathione oxidase, leucovorin, and riboflavin. Taking these findings into consideration, P. albidus and Ph. linteus might be used as sources of bioactive molecules for the development of novel drugs or nutraceuticals, contributing to the improvement of public health.