In this study, two kinds of edible fungus Sporisorium reilianum and Pleurotus eryngii were used as raw materials. Soluble dietary fiber (S-SDF, P-SDF) and insoluble dietary fiber (S-IDF, P-IDF) were prepared by enzyme-gravimetric method. The physicochemical properties including swelling capacity, water holding capacity and oil holding capacity, and the functional properties including glucose adsorption capacity, sodium cholate adsorption capacity, cholesterol adsorption capacity and glucose dialysis retardation index were measured respectively. Results showed that S-SDF had the strongest swelling force (11.83 mL/g). P-IDF had the strongest water holding capacity (4.55 g/g). P-SDF had the strongest oil holding capacity (3.01 g/g). S-IDF had the highest glucose adsorption ability (74.17 mg/g). The glucose adsorption ability of S-SDF and S-IDF were significantly better than those of P-SDF and P-IDF. The cholesterol adsorption capacity in the simulated intestinal environment was stronger than that in the gastric environment, and P-IDF has the strongest cholesterol adsorption capacity in these two kinds of environment. The sodium cholate adsorption capacity of S-IDF was the strongest, up to 83.80 mg/g. The glucose dialysis delay index of S-SDF was significantly higher than that of P-SDF, reaching to 38.28% at 60 min.