Cordyceps, a traditional medicinal material primarily produced on the Qinghai-Tibet Plateau of China, has raised safety concerns due to its relatively high arsenic content. This study preliminarily investigates its safety by comparing the effects of Cordyceps extract with inorganic arsenic of different valence states (12.3 μg/g) on the cell viability, oxidative damage, and intrinsic apoptotic pathway of human hepatic stellate cells LX-2. Cell viability, antioxidant enzyme activities, and apoptosis rates were evaluated using the CCK-8 assay, biochemical kits, and flow cytometry, respectively. Intracellular reactive oxygen species (ROS) levels were measured using a fluorescence probe, and the expression of proteins related to oxidative stress and apoptosis was assessed via Western blot. The results demonstrated that treatment with the Cordyceps extract did not significantly affect cell viability, ROS levels, malondialdehyde content, antioxidant enzyme activities, nuclear factor E2-related factor 2 (NRF2) pathway protein expression, lactate dehydrogenase release, or apoptosis rates. In contrast, cell viability decreased significantly to 85.9%, 51.6%, and 60.4% in the trivalent arsenic, pentavalent arsenic, and mixed inorganic arsenic groups, respectively, via activation of the intrinsic apoptotic pathway, thereby promoting apoptosis. Additionally, these treatments induced oxidative damage, as evidenced by marked increases in intracellular ROS and malondialdehyde levels, significant reductions in the activities of antioxidant enzymes—catalase, superoxide dismutase, and glutathione peroxidase, and suppression of NRF2 pathway protein expression. In summary, the Cordyceps extract exhibited no significant cytotoxic effects, thereby providing experimental evidence supporting its safety.