Flammulina velutipes is one of the most popular edible mushrooms consumed all around the world. This study evaluates the antioxidant potential of four varieties of F. velutipes with different colour (snowy white, off-white, yellow, snuff colour) in terms of DPPH scavenging activity, reducing power, hydroxyl radical scavenging activity and metal chelating activity. The total phenols, phenolic acid and l-ergothioneine contents in the four varieties of F. velutipes were also determined. Extracts from yellow F. velutipes demonstrated better antioxidant activities in DPPH, hydroxyl radical and metal chelating activity and extracts from snowy white F. velutipes showed higher activity in reducing power. However, snuff colour F. velutipes exhibited the lowest antioxidant activity in all the tested assays. The antioxidant activities may be attributed to the higher phenolic acid and l-ergothioneine contents as a linear relation was observed between the two components and the antioxidant parameters.