Introduction: Coriolopsis spp. are broadly used as traditional medicines in India, China, and Japan as antioxidant, antitumor, antiviral, antimicrobial, and immunomodulatory agents to treat many diseases. However, the bioactivities of yunzhi mushroom (Coriolopsis aspera) crude extract have not been studied yet. Materials & Methods: The aims of this study are the determination of chemical composition and antioxidant, anticancer, and anti-inflammatory effects of yunzhi mushroom (Coriolopsis aspera) extract in Vietnam. The chemical constituents of yunzhi mushroom extract were determined via MS, IR, and NMR spectrum analysis, and the antioxidant activity of the extract was evaluated by 1,1-diphenyl-2picryl-hydrazil (DPPH) radical scavenging assay. The anticancer activity of yunzhi mushroom against HeLa and HepG2 cancer cell lines was tested via the MTT assay. The anti-inflammatory effect of the extract was determined through the quantification of nitrite oxide production using the Griess reaction. Results & Discussion: We identified the presence of 9 bioactive compounds in CoAE extract, including trametenolic B, cerevisterol, ergosterol, ergosterol peroxide, trans-p-hydroxy coumaric acid, methyl ferulate, methyl (2-hydroxyphenyl) acetate, umbelliferone, and 8-hydroxy-3,4-dimethyl isocoumarin. Moreover, CoAE extract exhibited stronger antioxidant activity than another crude extract. Of note, anticancer and anti-inflammatory effects of CoAC were also higher than those of another crude extract. The data indicate yunzhi mushroom as potential functional food for treating inflammatory and cancer-related diseases. Conclusion: The data suggest Coriolopsis aspera as one of the promising functional foods for the treatment of inflammatory and cancer-related diseases.