Optimum extraction conditions for yield, browning color, electron-donating ability, nitrite-scavenging effect, total polyphenol content, and tyrosinase-inhibitory activity of Flammulina velutipes were determined using response surface methodology through central composite design. Yield of F. velutipes was affected by ethanol concentration, and browning color improved more with the increase of ethanol concentration than microwave power. Nitrite-scavenging effect was improved with increasing ethanol concentration and decreasing microwave power. Electron-donating ability and total polyphenol content were improved with increasing ethanol concentration and microwave power. Tyrosinase-inhibitory effect increased more with decrease in microwave power than with ethanol concentration. The optimal range of extraction conditions for effective component of F. velutipes were $47.21{\sim}76.05$ watt of microwave power, $10.25{\sim}43.56%$ of ethanol concentration, and 5.72 min of extraction time.