Edible mushrooms are well-known for their nutritional benefits and low energy density. In addition, mushroom extracts contain various bioactive compounds that account for their antioxidant activity; the applied extraction conditions influence the extraction efficiency of such compounds. Therefore, this study investigates the effects of four extractants on the content of polyphenols and antioxidant properties of Boletus edulis and Cantharellus cibarius mushrooms, aiming to optimize the extraction process. Powders of B. edulis and C. cibarius mushrooms were subjected to extraction with acidic water (10% CH3COOH), ethanol/water/acetic acid (15:76.5:8.5, v/v/v), hexane, and diethyl ether to measure their total phenolic content (TPC), total flavonoid content (TFC), and Trolox equivalent antioxidant capacity (TEAC). Furthermore, the level of individual polyphenolic compounds in these extracts was quantified using an HPLC-DAD-ESI-MS method. Results showed that the type of solvent significantly influenced the TPC and TEAC of mushroom powder but insignificantly influenced the TFC. A very strong positive correlation was found between TPC and TEAC, but no correlation was found between TFC and TEAC or TPC and TFC. Acidic water extracted the highest amount of polyphenolic compounds from these mushroom powders. Therefore, the aqueous extract showed the highest TPC and strongest antioxidant activity. Thus, acidic water is recommended for polyphenol analysis in B. edulis and C. cibarius mushrooms.