The antioxidant activities of fermented mycelial extracts with different concentrations of ethanol of Lepista sordida were individually determined in four test systems. The results showed that all the mycelial extracts had obvious effects on scavenging 1,1-diphenyl-2-picrylhydrazyl radical (·DPPH) and hydroxyl radical; and with the concentration of ethanol increasing, the antioxidant activities declined: the extract with deionized water at the concentration of 3 g/L mycelium, DPPH radical scavenging activity and hydroxyl radical scavenging activities were 90.55% and 81.90% respectively. At a concentration of 6 g/L mycelium in 50% and 70% ethanol extracts, the DPPH radical scavenging activities were 53.7% and 45.2%, and the hydroxyl radical scavenging activities were 79.4% and 78.4%. The extracts could also significantly inhibited the peroxidation of linoleic acid, within 64 hours at the concentration of 5 g/L, the inhibition ratios of the extracts with water, 50% and 70% ethanol were 100%, 96.0% and 89.2% respectively. The extracts possessed slightly restraining effects on pyrogallol autooxidation.