Wild mushrooms have been described as sources of natural antioxidants, particularly phenolic compounds. However, many other compounds present in wild mushrooms can also act as antioxidants (reducers), so whole extracts from a wide range of species need to be examined. To gain further knowledge in this area, the relationship between the antioxidant potential (scavenging effect and reducing power) and chemical composition of twenty three samples from seventeen Portuguese wild mushroom species was investigated. A wide range of analytical parameters reported by our research group (including ash, carbohydrates, proteins, fat, monounsaturated fatty acids, polyunsaturated fatty acids, saturated fatty acids, phenolics, flavonoids, ascorbic acid and beta-carotene) were studied and the data were analysed by partial least squares (PLS) regression analysis to allow correlation of all the parameters. Antioxidant activity correlated well with phenolic and flavonoid contents. A QCAR (Quantitative Composition-Activity Relationships) model was constructed, using the PLS method, and its robustness and predictability were verified by internal and external cross-validation methods. Finally, this model proved to be a useful tool in the prediction of mushrooms' reducing power.