To provide a scientific reference for improving the sawdust cultivation of Sanghuangporus baumii, comparative studies were conducted on the contents of nutritional components and active components and the antioxidant activity of the fruiting bodies of S. baumii cultivated with sawdust and cut logs. The results indicate that, first, cultivation methods had little effect on the contents of crude fat and the measured 16 kinds of amino acids [including total essential amino acids (EAA), total nonessential amino acids (NEAA), EAA/NEAA, and EAA/total amino acid (TAA)], but had a great influence on the contents of crude protein, crude fiber and TAA. These results suggest that the nutritional content under sawdust cultivation was significantly higher than that under cut-log cultivation. Second, the cultivation methods had little effect on the content of triterpenoids but had a great effect on the contents of polysaccharides, total flavonoids and total phenols, which showed that cut-log cultivation was significantly higher than sawdust cultivation. Third, the cultivation methods had a great effect on the antioxidant activities (ABTS and FRAP), which showed that cut-log cultivation was significantly higher than sawdust cultivation. The contents of polysaccharides, total flavonoids, and total phenols and the ABTS and FRAP activities using sawdust cultivation were lower than those using cut-log cultivation, which may be related to the mushroom strains, cultivation medium formula and cultivation technology. The results provide a solid basis for the improvement and promotion of new cultivation technologies for S. baumii.