This work has scientifically examined the phytochemical, antioxidant and antibacterial properties of organic extracts of two common species of mushrooms Agaricus bisporus and Pleurotus ostreatus. Phytochemical analysis of the aqueous, methanol and petroleum ether extracts revealed the presence of carbohydrate, tannin, saponin, glycosides and flavonoids as phytoconstituents. Both the mushroom extracts scavenged DPPH radical in a dose dependent manner however, Agaricus bisporus had higher DPPH scavenging activity compared to the Pleurotus ostreatus mushroom extracts. Both the mushroom species showed significant antimicrobial activity against the bacteria Escherichia coli when antimicrobial test was carried out by disc diffusion method. Neither of the mushroom species showed antimicrobial activity against Staphylococcus aureus. The mushroom species analyzed have been shown to be good sources of phytoconstituents, antioxidants and antimicrobial activity that warrant further studies as potential dietary supplement to improve health and wellbeing.