The scientific name of the traditional Chinese medicinal fungus, Sanghuang, has been clarified and confirmed that it is a new species -Sanghuangporus sanghuang in the recently discovered genus, Sanghuangporus. To maximize the yield of the active ingredients such as the triterpenoids from authentic Sanghuangporus sanghuang, four parameters of the extraction process, including the extraction time, solid-liquid ratio, extraction temperature, and ethanol concentration were determined. The Box-Behnken experimental design and the response surface method were used to optimize the triterpenoid extraction processes of Sanghuangporus sanghuang mycelium. The results showed that the parameters of the triterpenoid extraction processes were not simple linear relationships. Optimum conditions of ultrasonic extraction required an 80% ethanol concentration, a 1:20 solid-liquid ratio, a 20-min extraction time, and a 60 °C extraction temperature, to obtain a maximum triterpenoid extraction of 13.30 mg/g. Antioxidant capacity tests showed that the Sanghuangporus sanghuang triterpenoids had high clearance capabilities for hydroxyl free radicals, superoxide anions, 2,2-diphenyl-1-picrylhydrazyl free radicals, and 2,2'-azinobis-(3-ethylbenzthiazoline-6-sulfonate) radicals, indicating that the Sanghuangporus sanghuang triterpenoids had high antioxidant activities.