Ten species of filamentous fungi grown in submerged flask cultures were investigated for antioxidant capacity. Effective antioxidant activity was demonstrated in terms of β–carotene/linoleic acid bleaching, radical scavenging, reduction of metal ions and chelating abilities against ferrous ions. Different extraction methods affected antioxidant activities through their effect on biologically active compounds produced in fungal mycelia. The methanolic extract of each fungus was typically more effective in antioxidant properties. Phenolic content was established in the range of 0.44–9.33 mg/g, flavonoid contents were in the range of 0.02–3.90 mg/g and condensed tannin contents were in the range of 1.77–18.83 mg/g. Total phenol content of each extract was attributed to overall antioxidant capacity (r ⩾ 0.883–1.000). Submerged cultivation of Grifola frondosa, Monascus purpureus, Pleurotus spp., Lentinula edodes and Trametes versicolor proved to be an effective method for the production of natural antioxidants.