Wild samples of M. esculenta are rich sources of carbohydrates (including free sugars) and proteins, and contain several bioactive compounds such as organic acids, phenolic compounds and tocopherols. Polyunsaturated fatty acids also predominated over mono and unsaturated fatty acids. SP gave higher radical scavenging activity and reducing power, while SS showed higher lipid peroxidation inhibition. Both samples, but mainly SS, gave antibacterial activity against five bacteria (in some cases even better than standard antibiotics) and demelanizing activity against four micromycetes (A. fumigatus, A. flavus, P. funiculosum and P. ochrochloron). As far as we know, this is the first study reporting chemical compounds and bioactivity of morel samples from Portugal and Serbia. Furthermore, a novel method for evaluation of demelanizing activity was presented. Further studies are needed in order to elucidate the mechanisms of action involved in morel bioactivity and contribution of the identified chemical compounds.