Morchella pulchellaClowez & Franc. Petit. andHelvella leucopusPers. are among the most utilized naturally grown wild-edible mushroom species in Eastern Anatolia, Turkey. This study focused on revealing their phenolic profiles using high performance liquid chromatography-tandem mass spectrometry (HPLC-MS/MS), antioxidant (hydrogen atom and single electron-transfer mechanisms), and enzyme inhibition (acetylcholinesterase, amylase, glucosidase, and lipase) activities of lyophilized sequential (n-hexane, ethanol, methanol, and water, respectively) extracts and traditional preparations (infusion and decoction) obtained from the fruiting bodies of these mycomaterials. Our chromatographic studies revealed thatM. pulchellaextracts are dominated by caffeic acid, whileH. leucopusextracts contained significant levels of protocatechuic acid as a major biologically active compound (excluding n-hexane fractions). The most active antioxidant and enzyme inhibitory extracts were from ethanol (or methanol) inM. pulchellaand water (or infusion) inH. leucopus. Data obtained from our study showed that hydrophilic extracts ofM. pulchellaandH. leucopuswere significant sources of antioxidants and enzyme inhibition activities and that they might be used as raw materials in the food, nutraceutical, biotherapeutic and pharmaceutical industries.