Mushrooms have become attractive materials as a source of physiologically valuable bioactive compounds recently. This study was designed to investigate antioxidant, antibacterial and cytotoxic properties of Schizophyllum commune Fr. which is highly distributed worldwide. Five different extracts of S. commune were obtained with different solvent systems. Their antioxidant potentials were determined by measuring bioactive components (beta-carotene, flavonoids, lycopene and total phenols) in conjunction with radical scavenging and metal chelating activities as well as its reducing powers. Antibacterial activities of aqueous and methanol extract were observed on Bacillus subtilis (Ehrenberg) Cohn and Agrobacterium tumefaciens Smith & Townsend. In vitro cytotoxic effects of the extracts against liver hepatocellular carcinoma (HepG2) cell lines after 48 and 72 h incubation were tested. It was found that acetone extract of S. commune had maximum amount of beta-carotene (22.69 mu g/mg), phenolic (27.66 mu g/mg) and lycopene (8.73 mu g/mg) content and n-hexane extract had maximum amount of flavonoid (3.48 mu g/mg). According to IC50 values, the chloroform extract of S. commune showed the highest DPPH capturing (7.652 mg/ml) and metal chelating (6.590 mg/ml) activities. Furthermore, acetone and n-hexane extracts exerted substantial in vitro cytotoxic effects against liver hepatocellular carcinoma (HepG2) cell lines after 72 h incubation with IC50 value of 0.825 and 0.316 mg/ml respectively. Results of this study showed that different extracts of investigated mushroom have considerable cytotoxic and antioxidant properties and may be utilized as a promising source of therapeutics.