Objectives : The purpose of this study was to investigate extracts from mixed culture of Oriental medicines and cereal medium and mycelia of Trichloma matsutake and Cordyceps militaris by fermentation to develop new material for pharmaceutical products and medicinal food, Methods : To evaluate physiological activities of OCM extracts, we examined antioxidant activity(total polyphenol contents, electronic donating ability, SOD-like activity), ${eta}$-glucan contents, nitric oxide production and cytotoxicity by MTT assay. Results : Total polyphenol contents of fermented OCM(UF) and non-fermented OCM(UM) extracts were more than 40% UM and UF of DPPH radical scavenging activity was 25.67%, 23.43% respectively. Total polyphenol content of non-fermented extract (UME) was 12.57%, while that of fermented extract(UFE) was 7.05%. SOD like activity showed UM 85.35%, UF 76.18%, UME 58.42%, UFE 72.21%. UME, and UFE 31.43%, ${eta}$-glucan contents of UME and UFE were more than 40%. NO productions of UME, and UFE showed a LPS dose dependent tendency. Cytotoxicity on Raw 264.7 cell showed more than 90% viability. Inhibitory effect of UFE on HT1080 cell growth was higher than UME. Conclusions : These results showed that extracts from mixed culture of mushroom mycelium and OCM have physiological activities which can be used in pharmaceutical products and medicinal food.