During this study, ethanol extracts of four edible mushrooms i.e., Macrocybe gigantea, Podaxis pistillaris, Lentinus tigrinus, and Pleurotus cystidiosus were prepared and investigated by TFC, TPC, FRAP, ABTS and DPPH for their antioxidant potential. The extracts were also used to check the oxidative stabilization of sunflower oil for a period of 45 d using standard methods i.e., peroxide value, free fatty acid contents and iodine value. M. gigantea extract showed the maximum flavonoids and phenolic contents and exhibited the maximum antioxidant potential among the four edible mushrooms. BHA was observed to have maximum oil stabilization potential followed by the ethanol extract of M. gigantea of 1000 ppm concentration, BHT and extract of 1000 ppm concentration of P. pistillaris. Thus, it is concluded from this study that ethanolic extracts of these mushrooms can be used as a healthy supplement to stabilize oil by replacing synthetic antioxidants that are harmful to humans.