The chemical composition and biological properties of Portuguese wild mushrooms (Cantharellus cibarius, Hypholoma fasciculare, Lepista nuda, Lycoperdon molle, Lycoperdon perlatum, Ramaria botrytis, Tricholoma acerbum) were evaluated in order to assess these products as sources of nutrients and nutraceuticals. The analyzed mushrooms contain very useful phytochemicals such as phenolics, tocopherols, ascorbic acid, and carotenoids. All of the species proved to have antioxidant activity (measured by four different methods), being more significant for R. botrytis (EC 50 values < 1 mg/mL). Lycoperdon species were resistant to all of the tested microorganisms, and the other samples revealed antimicrobial activity selectively against Gram-positive bacteria, with very low minimal inhibitory concentration, in some cases, even lower than the standard. The combination of bioactive compounds and rich nutritional composition (high contents in protein and carbohydrates, low content in fat with the precious contribution of unsaturated fatty acids and the absence of trans fatty acids) in the mushroom makes it a very special food.