The biological activities of both ethanol and water extracts from the fruiting body of E. applanata and E. applanata mycelium and the three fractions of ethanol extracts from E. applanata were compared. 91% of MCF7 cell growth was inhibited by adding 0.5 g/l of water extracts of E. applanata and 81% of MCF7 cell growth was inhibited by adding 0.5 g/l of diethyl ether and chloroform fractions. It was also showed that above 60% of Hep3B cell growth was inhibited by adding all samples including the fractions. The ethanol extracts of E. applanata mycelium showed 33.3% of cytotoxicity on normal liver cell, WRL68 in adding 0.5 g/l of the samples and 40% in adding 0.5 g/l of chloroform fractions. The result of anti-mutagenicity of all extracts and fractions including ethanol extracts of Phelinus linteus were showed that diethyl ether fractions were most effective than any other samples. Hypoglycemic activities of diethyl ether and chloroform fractions were the most effective which scores were above 75%. The enhancement of glutathione-S-transferase activity was increased above 2.3 times by adding 1.0 g/l ethanol extracts of E. applanata and diethyl ether, chloroform fractions. It can be concluded that both biological activities of the fruiting body and mycelium of E. applanata were almost equivalent.