Mushroom irradiation has been considered a sustainable process to generate high amounts of vitamin D2 due to the role of this vitamin for human health and of the global concerns regarding its deficient or inadequate intake. Mushrooms are also receiving increasing interest due to their nutritional and medicinal properties. However, there is still a knowledge gap regarding the effect of UV irradiation on mushroom bioactive compounds. In this study, two of the most cultivated mushroom species worldwide, Agaricus bisporus and Pleurotus ostreatus, were irradiated with UV-B, and the effect of processing was investigated on the contents of vitamin D2 as well as on antioxidant and antiglycation activities. UV irradiation increased vitamin D2 up to 57 µg/g d.w, which is an adequate level for the fortification of a number of target foods. UV irradiation decreased the antioxidant activity when measured by the Folin–Ciocalteu reagent, the 2,2-diphenyl-1-(2,4,6 trinitrophenyl) hydrazyl radical assay and the ferric ion-reducing antioxidant power assay, but did not decrease the mushroom’s ability to inhibit glycation of a target protein. These results open up a new area of investigation aimed at selecting mushroom species with high nutraceutical benefits for irradiation in order to maintain their potential properties to inhibit oxidative and glycation processes responsible for human diseases.