This study aimed to elucidate pharmacological activities of Cordyceps militaris. The 70% ethanolic extracts of cultured mycelia (CME) and fruiting bodies (FBE) of Cordyceps militaris were prepared. CME was able to directly scavenge the stable free radical diphenyl-2-picrylhydrazyl (DPPH), indicating its antioxidant activity. Both CME and FBE showed topical anti-inflammatory activity in the croton oil-induced ear edema in mice. CME was found to contain acute anti-inflammatory activity, which was evaluated using the carrageenin-induced edema, and also strong antinociceptive activity in writhing test. CME and FBE contain potent inhibitory activity on the chick embryo chorioallantoic membrane (CAM) angiogenesis in a dose-dependent manner. Cordycepin, a metabolite of Cordyceps militaris, appeared to be at least partly responsible for its anti-inflammatory and anti-angiogenic activities. CME concentration-dependently inhibited the NO production and iNOS expression upon stimulation by lipoposaccharide in RAW 264.7, a murine macrophage cell line. In brief, we demontrate that Cordyceps militaris possesses anti-inflammatory and antinociceptive activites, and related antioxidant, anti-angiogenic, and NO production-inhibitory activities.