In the study， petroleum ether， ethyl acetate， n-butanol and water with different polar solvents were used to the water-extracted supernatant of Grifola frondosa. The main functional components of different polar extracts were compared， and the antioxidant activities were compared by three methods: 1，1-Diphenyl-2-trinitrophenylhydrazine (DPPH)， 2，2-diazo-bis(3-ethyl-benzothiazole-6-sulfonic acid) diammonium salt (ABTS+)， hydroxyl (OH) free radical. The results showed that the polyphenol and protein contents of the n-butanol extract were the highest at 0.36% and 38.75%， respectively. The highest flavonoid content in petroleum ether and ethyl acetate extracts was 0.05%. The contents of triterpenoids and sterols in petroleum ether extract were 6.32% and 15.88%， respectively. The highest polysaccharide content in water extract was 30.11%. N-butanol extract showed the strongest antioxidant activity， and polyphenols may be the main component of antioxidant activity. Thirteen polyphenols and their derivatives were identified by LC-MS. This provides a theoretical basis for the development of Grifola frondosa functional food or health products.