Ultraviolet-B (UV-B) light irradiation is a well-known technique for converting vitamin D2 from ergosterol in mushroom fruit bodies. Mushrooms are a natural and nonanimal food source of vitamin D2. We studied the effect of UV-B light irradiation on the amount of vitamin D2 and physiologically active substances in Cordyceps militaris and their antioxidant properties. After UV-B irradiation for 2 hours, the vitamin D2 content of freshly harvested C. militaris fruiting bodies, mycelia, whole submerged culture (WSC), and homogenized submerged culture (HSC) increased from 0 to 0.03 to 0.22 to 1.11 mg/g, but the ergosterol content was reduced from 1.36 to 2.50 to 1.24 to 2.06 mg/g, respectively. After UV-B irradiation, the amount of adenosine, cordycepin, and ergothioneine of fruiting bodies dramatically increased 32-128%, but the polysaccharide content slightly decreased 36%. The reverse trends were observed in mycelia, WSC, and HSC. UV-B irradiation could reduce the effective concentrations at 50% of fruiting bodies for ethanolic and hot water extracts in reducing power, scavenging, and chelating abilities, whereas mycelia, WSC, and HSC of ethanolic extracts increased effective concentrations at 50% in reducing power, scavenging, and chelating abilities. UV-B irradiation slightly increased flavonoid content (10-56%) and slightly affected total phenol content.