The fruit bodies of Cortinarius armillatus were investigated for polyols, tree sugars and amino acids, phenolic acids, alkaloids, nitrogen content compounds, glycosides and fungal toxins using thin-layer chromatography and qualitative chemical reactions. Arabitol, mannitol, trehalose, fructose, 4-hydroxybenzoic acid, cholin, alanine, proline, serine, asparagine, glycosides and cortinarin A were detected in aqueous and methanolic extracts from the mushroom. Valine, methionine, glutaminic acid and fungal toxins (α-amanitin, orellanine, rauscarine, muscimol, bufotenine) were not observed within C. armillatus. The single intraperitoneal doses of the methanolic extract from C. armillatus havenot been toxic and no induced effects organic pathology up to 2000 mg/kg two weeks after injection to mice. These chemical studies and acute toxicity investigations supported the non-toxicity of C. armillatus. At the content of some chemical substances (4-hydroxybenzoic acid, cholin, steroid glycosides, cortinarin A) this species may be perspective for a further pharmacological investigations.