Edible fungi have the characteristics of “three more, two higher, and one less”, referring to multi-vitamins, multi-active components, high protein, high dietary fiber and low fat. Edible fungus is a kind of fungus with homology of medicine and food, which is rich in various active ingredients and physiological functions. It has been used as a source of healthy food and medicinal substances since ancient times. In this paper, two common fungi, Hericium erinaceus and Agaricus blazei Murill, are taken as examples, and the research progress of their active components, functional characteristics and processing and application are summarized, all of which provide theoretical basis and practical reference for the development and utilization of functional foods.