Agarwood is a highly economically important medicinal herb with widespread uses; however, the difference between the biological activities of artificial and wild agarwood is unclear. In this study, the alcohol-soluble extracts of agarwood produced by fungi and natural agarwood were used to determine the differences between the overall biological activities. The antioxidant ability (the clearance rates of 1,1-diphenyl-2-picrylhydrazyl (DPPH) and 2,2′-azino-bis (3-ethylbenzothiazoline-6-sulfonic acid) (ABTS⁺) radicals, and total reducing power), anti-acetylcholinesterase, and anti-α-glucosidase activity were determined by ultraviolet-visible spectrophotometry. The results indicated that with 2 mg/mL alcohol-soluble extracts, the scavenging DPPH radical rates of the artificial agarwood samples were 93.74–102.31% of that of the wild agarwood, and the ABTS⁺ radical clearance rates of the artificial agarwood samples were 75.38–95.52% of that of the natural agarwood. With 3.5 mg/mL alcohol-soluble extracts, the artificial agarwood samples had a total reducing power of 63.07–80.29% of that of the wild agarwood. With 4 mg/mL alcohol-soluble extract, the acetylcholinesterase activity inhibition rates of the artificial agarwood samples were 102.56–109.16% of that of the wild agarwood. With 1 mg/mL alcohol soluble extracts, the α-glucosidase effect inhibitions rates of the artificial agarwood samples were 68.32–100.39% of that of the wild agarwood.