Abstract: In this study, 10 Sanghuang strains were collected and identified, and the fermentation performances (mycelia biomass, color difference value and total flavonoid content) were analyzed in order to fully utilize Sanghuang resources and explore the functional activity of its mycelium. Based on the color difference values of mycelium, Pearson correlation analysis was used to analyze the correlation between the total flavonoid content of mycelium and the color difference value. Finally, the in vivo antioxidant activity of Sanghuang mycelium was studied. The results showed that, Sanghuang strains could be roughly divided into three categories: Sanghuangporus vaninii, Sanghuangporus baumii and Inonotus baumii according to the observation of mycelia morphology and ITS sequence molecular identification. The biomass range of liquid fermented mycelium of 10 Sanghuang strains ranged from 4.90 g/L to 12.22 g/L. Among them, the highest total flavonoid content of mycelium was Sanghuang 2 of substitute cultivation (0.7 g/100 g), followed by Sanghuang 10 of basswood cultivation (0.45 g/100 g), with the lowest total flavonoid content of Sanghuang 1 of substitute cultivation was (0.07 g/100 g). This indicated that the differences in total flavonoid contents of liquid fermented mycelium of Sanghuang strains could be mainly related to geographical origins and bacterial species, with low correlation with cultivation methods. Based on Pearson correlation analysis, it was found that the total flavonoid contents of Sanghuang were significantly negatively correlated with L^* values (P<0.01), significantly positively correlated with b^* values (P<0.01), and significantly negatively correlated with h^* values (P<0.05). The functional test results of mice showed that the liquid fermented mycelia of Sanghuang had good safety, with a promoting effect on the growth performance, and effectively increased the SOD activity and reduced the MDA content in the serum of mice. Meanwhile, the liquid fermented mycelium obtained from basswood cultivation could lower the MDA content in the serum of mice more than that obtained mycelium from substitute cultivation. These results provided important reference for the targeted development and effective utilization of active ingredients of Sanghuang mycelium.