Selenium and zinc are well-known essential trace elements with potent biological functions. However, the possible health benefits of the combined administration of dietary selenium and zinc have not been studied extensively. In this study, we prepared selenium- and zinc-enriched mushrooms (SZMs) containing increased levels of selenium and zinc. The effects of SZMs on antioxidant and antitumor activities were evaluated. Mice were fed with either a control diet or a diet supplemented with SZMs or sodium selenite and zinc sulfate for 6 weeks. Antioxidant capacity was investigated by measuring the activities of antioxidant enzymes and the levels of lipid peroxide products. Results showed that treatment with SZMs significantly increased the activities of glutathione peroxidase (GPx) and superoxide dismutase and decreased the levels of malondialdehyde and lipofuscin. Furthermore, using a mouse model of lung tumors, we found that SZMs significantly decreased the number of tumor nodes with an increase in the activity of GPx. SZMs had a greater effect on the increase in both antioxidant and antitumor activities than did sodium selenite and zinc sulfate. These findings suggest that SZMs may be effective for improving antioxidant capacity and preventing tumors.