Black jelly mushroom (Auricularia polytricha) is a well-known Chinese traditional food that has therapeutic effects. This study evaluated the effects of different cooking methods (boiling, steaming, microwaving, and stir-frying) on the physicochemical characteristics (i.e., total phenolic content, antioxidants, α,α-diphenyl-β-picryl-hydrazyl [DPPH] free radical scavenging, and ferric reducing antioxidant power [FRAP]) along with color, texture, moisture, and sensory properties of black jelly mushrooms. Lightness (L*) was significantly lower for the stir-frying method (29.93) compared to the control (34.62). Stir-fried mushrooms had significantly lower firmness force (texture) and moisture content (80.13 N and 61.98%, respectively) compared to the control (2000.37 N and 86.52%). The steaming method contributed significantly higher total phenolic content (11.23 mg gallic acid equivalents/g) and antioxidant activity measured using the FRAP (33.54 mg Trolox equivalents/g) and DPPH (90.41% inhibition) assays compared to the respective controls.