Mushrooms are substantial source of nutritional, medicinal compounds, and other benefits compounds still need to be worked out for their important applications. Mushrooms as higher Basidiomycetes and Ascomycetes contain secondary metabolites in their fruit bodies, cultured mycelium, and cultured broth. These secondary metabolites have been used in many sides of human activity for many years for maintaining long and healthy life. The genera Pholiota, Pleurotus and Lyophyllum are a group of edible mushrooms that are distributed all over the world. The studies on different species of these edible mushrooms have revealed their nutritional medicinal potentials. This review aims to present the importance of Pholiota microspore, Pleurotus ostreatus and Lyophyllum shimeji, as both food and medicine, and they offer new visions to researchers to develop new drugs and nutraceuticals.