Ethanolic extracts of three wild medicinal mushrooms, namely Lenzites betulina (LET), Trametes versicolor (TET), and Coriolopsis polyzona (CET), collected from Akure, southwest Nigeria, were assessed for their lipid peroxidation, anti-inflammatory, and acute toxicity effects. The inhibition of the formation of thiobarbituric acid reactive species (TBARS) by extracts was concentration dependent and ranged from 86.99% to 92.18% at 1000 µg/ mL. The IC50 of the extracts was also in the range of 222.81 µg/mL to 737.13 µg/mL. The anti-inflammatory effect measured by inhibition of mice ear edema was higher and significantly different (P ≤ 0.05) than the control. The acute toxicity test also revealed tolerance to the three ethanolic extracts by Artemia salina at concentrations of 10 µg/mL to 1000 µg/mL, except for ethanolic extracts of LET and TET, which exhibited toxicity against this invertebrate at 1000 µg/mL. This research has shown that ethanolic extracts of these three macrofungi could be good sources of safe and effective antioxidant and antinflammatory agents for biopharmaceutical exploitation.