The present study documents the phytochemical screening and antioxidant properties of ethanolic extract of Termitomyces clypeatus. Phytochemical constituents like phenols, flavonoids and ascorbic acid were much higher than β carotene and lycopene. The analysis of the phenolic compounds performed by HPLC, revealed the presence of pyrogallol (0.223 μg/mg) and cinnamic acid (0.095 μg/mg). Antioxidant activity was evaluated through superoxide radical scavenging assay, DPPH radical scavenging assay, chelating ability, reducing power and total antioxidant capacity determining assays. Their EC50 values ranged from 0.21 μg/ml to 3.22 mg/ml. Result implies that T. clypeatus can not only serve as a food supplement but also be used as treatment for various oxidative stress related diseases. © 2016 Payel Mitra et al.