In the present study total antioxidant activity of crude extracts of mushroom Pleurotus eous and its phenolic, flavonoid content have been investigated. The study was carried out by preparing methanol, ethyl acetate, aqueous and pet ether extracts. The results showed that methanolic extract of P.eous has higher antioxidant capacity (88, 56 and 34 mg equivalents of BHT/100 mg of MeOH, EA, PE extracts respectively) phenolic content (354.59, 189.37, 146.38 and 142.98 mg/gm of dry mass of MeOH, EA, PE, Aqs extracts respectively), and flavonoid content (in terms of Quercetin equivalent as 334.785, 257.60, 152.173 and 93.48 mg/gm of dry mass of MeOH, EA, Aqs, PE extracts respectively) than ethyl acetate, petroleum ether and aqueous extracts. The total antioxidant capacity of mushroom P.eous is in good correlation with their phenolic and flavonoid content. The study describes that the methanol could be the good solvent for the isolation of potent phenolic and flavonoid compounds present in this mushroom species. The detailed investigation of methanol extract confirmed the presence of poly-phenols such as flavonoids and tannins which are well known natural antioxidants. Thus, the antioxidant potential of extracts of P.eous is confirmed due to the presence of polyphenolic compounds. © 2013 IJDDR, Mary Saral. A et al.