<i>Phellinus linteus</i> is a famous medicinal mushroom which exhibits various biological activities. This study aimed to investigate the effects of solid-state fermentation by <i>Ph. linteus</i> on the yield of bioactive compounds and antioxidant activities of beans. Four bean substrates were prepared and inoculated with inoculum of three strains of <i>Ph. linteus</i>, respectively. During the cultivation, the harvested samples were dried, grounded, extracted, and determined the contents of bioactive compounds and antioxidant activities. The results indicated that the mung bean fermented by <i>Ph. linteus</i> 04 had the highest polysaccharide content (98.8 mg/g). The highest total phenolic and flavonoid contents were in fermented soybeans by <i>Ph. linteus</i> 03 (15.03 mg gallic acid equivalents/g and 63.24 mg rutin equivalents/g, respectively). The 2,2'-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) radical scavenging activities of hot water extracts were higher than those of ethanolic extracts for fermented beans by three <i>Ph. linteus</i> strains. However, the superoxide anion radical scavenging ability of ethanolic extracts was higher than those of hot water extracts in the fermented beans of the three strains. The ferrous ion (Fe<sup>2+</sup>)-chelating abilities of hot water extracts were higher than those of ethanolic extracts in fermented beans by <i>Ph. linteus</i> 03 and 04. In contrast, ethanolic extracts were higher than hot water extracts in fermented beans by <i>Ph. linteus</i> 06. Overall, these results indicate that the fermentation by <i>Ph. linteus</i> strains increased the bioactive compounds and antioxidant activities of four beans.