The flavor of mushrooms has been enjoyed by various civilizations for a long time. As usual, scientists are mostly interested in them because of their possible medicinal uses. The protein, minerals, and vitamins included in mushrooms, together with their low carbohydrate content, are driving their rising popularity as a food item. Mushrooms are vital in traditional medicine, and they also have incredible restorative and healing qualities. The medicinal, functional, nutritional, and nutraceutical uses of mushrooms have been the subject of much research. The culinary and therapeutic benefits of mushrooms have made them beloved by people for a long time. Recent studies have shown that common species may fight inflammation and cancer. In addition to polysaccharides, monophenols, phenolic and indole compounds, fatty acids, carotenoids, vitamins, and bimetals, mushrooms also contain several anti-inflammatory components. Basidiomycota mushrooms possess antioxidant, anti-inflammatory, and anticancer properties. This chapter analyzed and contrasted qualitative and quantitative research on wild edible mushrooms conducted by ethnomycologists with respect to their cultural significance, local knowledge, and various mushroom cultures. To fill this information vacuum and get a better grasp of the cultural importance of nonedible mushrooms, this study analyzes traditional wisdom about these creatures. Delving into this subject highlights how this understanding might aid in the avoidance of mushroom poisoning. To determine their many health benefits, researchers must understand the mechanisms of action of bioactive mushroom components. Future research should focus on mushroom bioactive preservation and waste processing.