This research article studied the effects of gamma radiation on total phenolic content, flavonoids, and antioxidant activity in dried Pleurotus ostreatus mushrooms stored in different packaging materials. Dried mushrooms were exposed to gamma radiation doses from 0 to 2 kGy and stored for 1 month. Extracts from the mushrooms were analyzed for total phenolic content, flavonoids, and antioxidant activity. Statistical differences were found between the extracts and radiation doses. A significant positive correlation was observed between total phenolic content and antioxidant activity. The results suggest that P. ostreatus mushrooms can be a promising source of natural antioxidants and low dose gamma radiation may help improve quality, shelf-life and nutrient preservation of mushrooms.