Mushrooms and lichens are plentiful source of nutritional and medicinal compounds. However, medicinal uses of the mushrooms and lichens still need to be worked out for their biological activities. Mushrooms and Lichens have reserved their position centuries ago as food and medicine. They are rich in nutrients and in biologically active compounds that belong to different chemical classes. Capabilities of different members of mushrooms and Lichens have encouraged researchers to investigate further applications of these macrofungi and lichens in fields of food and pharmaceutical industries and also other than food and pharmaceutical industries. This review, aims to put together Lentinan, schizophyllan, Betulinans A and B, ganoderic acid, cordycepin and usnic acid under light spot through representing their importance as biological activities exerted by ever one. Further studies and investigations are fortified in order to find more about these interesting natural products.