Tricholoma scalpturatum, Tricholoma populinum, Neolentinus cyathiformis, Chlorophyllum agaricoides, and Lycoperdon utriforme have been traditionally utilized as food in Turkey for a long time. The present study focused on determining antioxidant activities, total phenolic groups contents (flavonols, hydroxycinnamic acids, proanthocyanidins, and anthocyanins), phenolic compounds and fatty acids of sequential extracts (n-hexane, ethyl acetate, chloroform, acetone, ethanol, and pure water) obtained from five wild edible macrofungi species. Ethanol and acetone (or ethyl acetate) were found as the most efficient solvents in terms of antioxidant activities and extraction efficiency. Antioxidant studies showed that L. utriforme, C. agaricoides, and T. populinum exhibited the highest radical scavenging and reducing activities and contained the highest phenolic contents. Chromatographic studies revealed that phenolic acids (protocatechuic, gallic, and chlorogenic acids) and fatty acids (oleic, linoleic, and palmitic acids) were the major contributors of the antioxidant activities of the extracts. The results obtained suggest the utilization of these macrofungi species as significant sources of natural antioxidants.