This study aimed to evaluate the effect of cultivation conditions in the context of light on the retention of selected vitamins, minerals and polyphenols in the stem and cap of the oyster mushroom (Pleurotus ostreatus L.). Additionally, the effect of the retention of bioactive components on the antioxidant activity of mushroom extracts was evaluated, taking into account the morphological part. Oyster mushrooms grown in the light of 200 lux had higher riboflavin content compared to mushrooms exposed to the light of lower intensity. The thiamine content of the mushrooms dropped with decreasing light intensity during cultivation. The content of biologically active compounds was found to be equal in the stem and the cap. In the case of riboflavin, it was shown that its contents in cap fractions, irrespective of the cultivation method, was statistically significantly higher than in stems. The mineral composition of caps and stems differed from each other. No differences in Zn and Cu content between the morphological parts of the mushroom studied were found. However, it was shown that the stems, regardless of the type of light, contained less iron, magnesium and sodium. Thus, it was observed that limited light exposure caused an increase in the content of total polyphenolic compounds, which did not correlate with antioxidant activity. There was no effect of the light on the antioxidant activity of mushrooms. It was also shown that stem extracts had higher antioxidant activity compared to the extracts obtained from the caps. This findings point to the possibility and potentail of use both fraction of mushrooms in the new food products development.