Wild edible mushrooms are traditionally used as food and medicine due to their wide nutritional value and medicinal properties. In this study, two Melanoleuca species were investigated for metal concentration, antioxidant ability, and phenolic constituents. ICP-MS analysis revealed the presence of 34 metallic elements in these mushrooms of which magnesium, potassium, sodium, and calcium are major abundant elements. Also, other essential metals such as zinc, iron, copper, tin, manganese, and selenium were detected in valuable amounts. Six phenolic acid derivatives were quantified using HPLC analysis. Syringic acid and benzoic acid were detected as the most abundant components. Moreover, low flavonoid high phenolic contents were determined for mushrooms. M. cognata and M. stridula showed the strong antioxidant capacity. Results indicated that neglected edible Melanoleuca species have great nutritional value and health benefits and could be considered for further phytochemical and pharmacological studies.