Steady-state spectroscopy is prevailing for complementary tissue structural and functional information extraction. The goal of the present study is to experimentally validate the merit of this technique for optical properties and intrinsic fluorescence extraction from tissue mimicking phantoms. Phantom studies were carried out in which HbO2 was used as absorber, polystyrene sphere was used as scatterer, and stilbene was used for fluorescence emission. Two sets of phantoms corresponding to two absorption levels and one scattering level were made, and 4 fluorophore concentrations were titrated in each set. The results indicate that both optical properties and intrinsic fluorescence can be extracted with high accuracy, implying that it’s feasible to extract complementary structural and functional information with steady-state spectroscopy.