This study was performed to determine the antioxidative effect of the hexane, dichloromethane, ethylacetate, butanol and water fractions of Ganoderma lucidum extracts on the inhibition of malondialdehyde(MDA) and bovine serum albumin(BSA) conjugation reaction, the inhibition of lipid peroxidation and the scavenging effect on 1,1-diphenyl-2-picryl-hydrazyl(DPPH) radical, the antimutagenic capacity as measured by the Ames test and the inhibitory effect on cancer cell. Ganoderma lucidum is believed to have possible antioxidative capacities, although the results have varied according to the assay method. The most effective antioxidative capacity was inhibition of lipid peroxidation. Among the five fractions, water fraction showed strong inhibition rates on MDA & BSA conjugation reaction, and ethylacetate fractions showed the most effective inhibition rate on lipid peroxidation and scavenging effect on DPPH radical. The indirect and direct antimutagenic effects of ethanol extracts of Ganoderma lucidum were examined by Ames test using Salmonella typhimurium TA98 and TA100. Among the samples, the water fraction did not have any antimutagenic effect. The inhibition rates on mutagenicity in the presence of 2.5 mg/plate were nearly $100\%$ for Salmonella typhimurium TA98 and TA100 except the hexane fraction of the direct mutagenicity mediated by 2-Nitrofluorene in Salmonella typimurium TA98($64.69\%$). Under the 2.5 mg/plate concentration, the inhibitory effects of hexane and dichloromethane fraction were superior to that of the other fractions on the direct mutagenicity for Salmonella typhimurium TA100 and indirect mutagenicity for Salmonella typhimurium TA98 and TA100. The inhibitory effect of Ganoderma lucidum extracts on cell proliferation in HeLa and MCF-7 was investigated by U test. The dichloromethane fraction showed highly antiproliferative effect in HeLa and MCF-7($IC_{50}$: 0.122 mg/mL, 0.272 mg/mL, respectively) cells while the water faction had a weak inhibitory effect($IC_{50}$: 0.691 mg/mL, 10.919 mg/mL respectively). These results suggest that Ganoderma lucidum may have antioxidative, antimutagenic and anticancer capacities and may be a candidate of the prevention and dietetic treatment of chronic diseases and the development of antioxidative, antimutagenic and anticancer functional food.