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Mushrooms are macro-fungi found growing in soil, decomposing wood, and agricultural wastes. Many edible mushrooms are either cultivated or harvested from the wild and served both as food and medicines in many parts of the world. Five mushrooms (Auricularia auricular-judae, Ganoderma lucidum, Pleurotus ostreatus, Trametes ochracea and T. betulina) collected from Ikale and Ilaje communities were assessed for their nutritional values, phytochemical constituents, and antioxidant properties. Chemical analyses were performed according to standard analytic methods. Free radical scavenging activities were determined with DPPH, ABTS, and reactions with ferrous sulphate and estimations from Ascorbic Acid standard curve. T. betulina had the highest flavonoid content (65.56 mg/100g) while P. ostreatus had the least (27.45 mg/100g). Phenolics were highest (128.13 mg/100g) in P. ostreatus and lowest (30.58 mg/100g) in T. ochracea. In terms of tannin content, P. ostreatus ranked highest (10.95 mg/100g) and A. auricular-judae had the least (5.64 mg/100g). However, oxalate was highest (0.81 mg/100g) in A. auricular-judae and lowest (0.23 mg/100g) in P. ostreatus. Of the four tests (DPPH, ABTS, FRAP, and TAC) performed for antioxidant activities, P. ostreatus was found to be the best radical scavenger with DPPH, FRAP, and TAC, while T. betulina gave the best result with ABTS. The mushrooms could be used as dietary supplements for energy and blood supply because of the carbohydrate and iron composition. However, toxicity studies are recommended on these mushrooms, especially T. betulina (although considered inedible), which had flavonoid content that was significantly higher than the WHO safe limit.