Mushrooms are a rich source of bioactive compounds, including phenolics, terpenes, alkaloids, and polysaccharides like β-glucans and chitin, which hold significant potential for the food industry. Understanding the fundamental extraction techniques using food-grade solvents is crucial for producing extracts enriched with these bioactive compounds. This chapter provides a detailed guide on preparing various mushroom extracts: an aqueous extract rich in β-glucans with prebiotic effects, an ethanol extract for isolating phenolic compounds, and an alkaline extract for recovering polysaccharides like chitin. These extraction methods are essential for subsequent compound identification, evaluating their bioactive properties, and exploring their applications in food, nanotechnology, and pharmaceuticals.