This paper studied composition and antioxidant activity of different solvent extracts from Termitomyces albuminosus. The total flavonoids, total phenols, ergosterol and adenosine of eight kinds of different polar solvents extracts were determined by spectrophotometer and liquid chromatography. In addition, measured the antioxidant activity by scavenging DPPH·, ABTS+·, hydroxyl radical, total antioxidant and total reduction ability. Extracts in distilled water had the highest rate of the yield; contained the highest content of total phenolics and adenosine in different sovlents; the highest content of ergosterol was in methanol extract. Distilled water and methanol had better scavenging free radicals in different polar solvents. The higher solvent polarity solvent was, the stronger antioxidant activity it had. The total antioxidant capacity was positively correlated with the content of the total phenolics. It has contains a variety of bioactive components, and has good anti-oxidation effect in Termitomyces albuminosus.