The current study was undertaken to measure the antioxidant potential from water and methanolic extracts of fruiting bodies of 23 species of mushrooms naturally grown in different geographic locations of India. The antioxidant ability of each species was analyzed for the total antioxidative status, employing multimechanistic antioxidative assays such as inhibition of lipid peroxidation, determination of reducing power, and free radical scavenging ability, in addition to determination of total phenolics and identification of phenolic acids by HPLC analysis, because the phenolics are known to contribute largely to antioxidant potential. The antioxidant potential of these varieties of mushrooms was determined by summing the antioxidative activity (AOA) of each variety by varied antioxidant assays followed by determining the relative percent of AOA defined as the "antioxidant index" (AI). On the basis of the AI, the mushroom species were graded as very high, high, moderate, and low. Termitomyces heimii was identified as the best variety, which showed 100% AI with 37 mg of phenolics/g of sample, 418 units of reducing power ability (RPA)/g, and an IC50 of approximately 1.1 mg (dry weight)/mL, free radical scavenging activity (FRS) in the water extract followed by 11.2 mg of phenolics/g, 275 units of RPA/g, and an IC50 of approximately 2.7 mg (dry weight)/mL of FRS in the methanolic extract. Following T. heimii, Termitomyces mummiformis exhibited an AI of 86% within the "very high" group. Potent inhibitions of lipid peroxidation of approximately 100 and 69% was also observed in T. heimii and T. mummiformis, respectively. Water extracts ranged from 34 to 49% and methanolic extracts varied from 20 to 32% on dry weight of mushroom fruiting body. Total phenolic compounds were higher in the water extracts (2-37 mg/g) than in methanolic extract (0.7-11.2 mg/g). The AOA measured in the water extract was better than that from the methanolic extract. HPLC analysis of phenolic acids in the two mushroom species, namely, T. heimii and T. mummiformis, displaying maximum AOA potential indicated a preponderance of tannic acid, gallic acid, protocatacheuic acid, and gentisic acid. Studies thus provide the precise antioxidant status of 23 indigenous species of mushrooms, which can serve as a useful database for the selection of mushrooms for the function of preparation of mushroom-based nutraceutics.