The phenolic composition, antioxidant and enzyme inhibitory activities of methanolic and water extracts of Trametes gibbosa (TG) and Trametes hirsuta (TH) were characterised for the first time. Reversed-phase high-performance liquid chromatography (RP-HPLC) analysis revealed that TG and TH methanolic extracts contained (+)-catechin, chlorogenic acid and caffeic acid. Methanolic extracts of TG and TH showed significantly (p < 0.05) high inhibition rates on acetyl (1.87 and 1.60 mg galantamine equivalents (GALAEs) per g extract respectively) and butyryl cholinesterase (1.71 and 1.90 mg GALAEs per g extract respectively). Low and insignificant inhibition was observed against alpha-amylase. alpha-Glucosidase inhibitory activity of TG (0.93 mmol acarbose equivalents (ACEs) per g extract) and TH (1.18 mmol ACEs per g extract) methanolic extracts were significantly (p < 0.05) high. Methanolic extract of TG (16.85 +/- 0.29 TEs per g extract) and TH (13.86 +/- 0.03 mg TEs per g extract) showed the most effective cupric reducing power. This study tends to support the potential use of these mushrooms species for designing new functional food formulations.