For millennia, edible mushrooms have been used as a common diet for mankind based on their nutritional importance and medicinal benefits. Edible mushrooms are a rich source of carbohydrates (sucrose, xylose, rhamnose, mannose, and fructose), amino acids (glutamic acid, aspartic acid, glutamate, methionine, and cysteine), proteins, fatty acids (linoleic acid, stearic acid, palmitic acid, adrenic acid, and nervonic acid), vitamins (folate, riboflavin, ascorbic acid niacin, thiamine, ergocalciferol, and cyanocobalamine) mineral contents (Ca, Mg, K, P, Na, Fe, Cu, Zn, Cd, and Mo) and phenolic compounds (gallic acid, caffeic acid, protocatechuic acid, p-coumaric acid, p-hydroxybenzoic acid and pyrogallol) that control and ameliorate multiple functions of the human body and participate for maintaining the good health by reducing the occurrence of several chronic diseases. Bioactive polysaccharides, peptides, polyphenols, and dietary fibers extracted from mushroom mycelia have health-promoting properties including a number of medicinal benefits such as anticancerous properties, antihypertensive activity, protection against DNA damage, cardiovascular effects, neurodegenerative disorders, and improvement in innate immunity. In developing countries, the utilization of mushrooms for therapeutic applications is being implemented as a boon for promoting human health and natural dietary supplements. Recently, different pharmaceutical companies and food industries have taken initial steps for patenting the medicinal value of edible mushrooms based on their antioxidant, anticancer, hypolipidemic, hypotensive, and immunomodulatory effects. The immense role of nutritional components and bioactive molecules of edible mushrooms in correlation with health problems has become a burning task in modern nutraceutical therapy. Hence, the present article deals with up-to-date knowledge of edible mushrooms as a nutritional adjuvant with emphasis on profound biological properties and potential mechanisms of action to prevent different health diseases.