Oxidative stress and inflammation play a key role in many diseases. This study evaluated the potential of bioactive compounds from Red-belted Bracket and Artist’s Bracket mushrooms to mitigate these processes. Multistep extraction yielded fractions with diversified composition (triterpenoids, polysaccharides) and bioactivities, including antioxidant properties and inhibition of pro-inflammatory enzymes. Both species were rich in triterpenoids: ethanolic extracts from Artist’s Bracket contained mainly ganoderenic and ganoderic acids (≈31 μg/g d.w.), while Red-belted Bracket extracts contained phenolic acids (≈20 μg/g d.w., mainly vanillic and chebulic acids) and triterpenoids (≈73 μg/g d.w., mainly forpinic and formipinic acids). The alkaline and ethanolic extracts exhibited the highest radical scavenging and reducing activities. Lipoxygenase was inhibited only by ethanolic extracts, with IC50 values of 0.93 mg d.w./mL for Artist’s Bracket (mixed inhibition) and 0.62 mg d.w./mL for Red-belted Bracket (noncompetitive). Artist’s Bracket was also a potent source of xanthine oxidase inhibitors acting uncompetitively (IC50 = 0.71, 1.39, and 2.06 mg d.w./mL for ethanolic, methanolic, and aqueous extracts, respectively). In contrast, Red-belted Bracket was less active (IC50 = 3.84 mg d.w./mL, noncompetitive). In conclusion, these mushrooms, particularly their ethanolic extracts, are promising sources of compounds with antioxidant and anti-inflammatory activities, acting as effective inhibitors of lipoxygenase and xanthine oxidase.