This study aimed to acquire basic data about folic acid extracted from oyster mushrooms using hot water and ethanol under optimal conditions. We compared the chemical components and folic acid content in oyster mushrooms according to drying method and extraction conditions. The chemical components and the folic acid content did not significantly differ between lyophilized and cold air-dried oyster mushrooms (55.10 and 54.56 µg%, respectively). However, the folic acid content significantly differed in hot air-dried oyster mushrooms (53.83 µg/100 g). The main free sugars in oyster mushrooms were fructose and glucose, and the major organic acids were citric acid and lactic acids. When measuring the yield and folic acid content with different solvent types and quantities, heating time, and temperatures, the optimal folic acid extraction conditions were addition of 20-fold volumes of water to solid at 80℃ for 8 h, and 20-fold volumes of 50% ethanol to solid at 80℃ for 8 h, respectively. Chemical components did not significantly differ depending on extraction conditions, but more free sugars were extracted in hot water, and no differences were observed in organic acid contents. More folic acid was extracted when using hot water rather, than ethanol, probably because folic acid is water soluble.