The stability, interactions, and bioaccessibility of bioactive components modify the potential functionality of newly developed inulin-based microcapsules containing polysaccharide (PF) and ethanol-extractable fractions (EEF) of turkey tail. The microencapsulation process achieved high encapsulation efficiency (>75 %), producing powders characterised by low water activity (<0.2) and finer particle size when mushroom fractions were incorporated (D50 < 4 μm). Chemical extracts from the encapsulated EEF effectively inhibited the activities of lipoxygenase (720 kIU/g d.w.), cyclooxygenase-1 (97 kIU/g d.w.), and xanthine oxidase (1.7 mIU/g d.w.). Simulated digestion effectively released compounds, especially those inhibiting cyclooxygenase-2 activity (10-fold increase compared to the chemical extracts). Among the cancer cell lines treated, the most sensitive were the HT-29 cells. Importantly, combining PF and EEF in microcapsules generally produced antagonistic effects on antioxidant, anti-inflammatory, and antiproliferative properties. FT-IR analysis confirmed structural modifications and interactions between microcapsule components. These findings emphasise the need to optimise blend composition to maximise powder functionality.