Currently, the fund has become a choice for investors who have limitation to invest in Indonesian capital markets. Along with growing of mutual funds, a lot of researches have been done. Previous studies of the measurement about the ability of market timing and stock selection in various countries have found different findings. Those different findings encourage the researcher to do a research of market timing and stock selection ability in Indonesian mutual funds, given the importance of these skills owned by each Investment Manager. In this research, the measurement of market timing and stock selection ability using Treynor-Mazuy and Henriksson-Merton method. The results showed that only Panin Dana Maksima and Syailendra Equity Opportunity Fund which has the ability of stock selection when measured by both Treynor-Mazuy and Henriksson-Merton method. While market timing ability only possessed by Danareksa Mawar and First State Dividend Yield Fund using the Treynor-Mazuy method, but none of mutual fund that have this skill if measured by Henriksson-Merton method.