In this article, optimization of extraction conditions of different parts from the life cycle of H.erinaceus was investigated based on Response Surface Method. Furthermore, antioxidant, antidiabetic, and antimicrobial effects of optimized extracts were studied. Results: Temperature, liquid / solid ratio, and solvent concentration significantly affected the phenolic content and antioxidant capacities of all samples. The young fruit body of H.erinaceus had higher antioxidant (43.11±2.74, 51.39±2.34, 62.84±1.59 µmol TE/g for DPPH, FRAP and ABTS, respectively) and antidiabetic effects (93.54±2.3 and 132.25±1.38 µg/mL for IC50 values of α-glucosidase and α-amylase, respectively) than mycelium. However, these effects partially decrease as the fruit body ages. Besides, the optimized extracts exhibited more antimicrobial effects on Gram-positive bacteria than Gram-negative bacteria. Conclusion: Both the fruit body and the mycelium of H.erinaceus have many bio-functional properties. However, these properties of the fruit body decrease significantly with the delay of the harvest time. The extraction process conditions we optimize in this study can be adapted to large-scale separation processes in the industry.