Oxidative stress is a significant trigger for the onset of diseases in the human body. Food-derived antioxidant peptides, as natural antioxidants, can effectively alleviate oxidative stress and are a focal point of current research. Edible mushrooms, rich in protein, offer nutritional advantages for the preparation of antioxidant peptides. Recent research has demonstrated that antioxidant peptides derived from edible mushrooms exhibit significant biological activity; however, they have not been systematically reviewed yet. Therefore, this article reviews the current progress and challenges in the preparation, separation, purification and structural identification, structure-activity relationship, evaluation methods, and mechanism of action of antioxidant peptides derived from edible mushrooms, and it discusses future application prospects. Our aim is to provide theoretical guidance for further research in this area.