Abstract: This paper reviews multifunctional nature of mushrooms. Besides being an essential source of nutrition, they are being extensively exploited by man in various ways. Not only are they admired for their exceptional flavor and texture but this fungus can replace a number of resources that we are currently utilizing. Higher mushrooms contain bioactive components that show antibacterial, antitumor, immunostimulator, antiparasitic, antidiabetic, anticarcinogenic properties. Simultaneously they are useful for people and woodlands by recycling nutrients, managing plastic waste and agricultural residues as they can act as natural decomposers . Mushroom farming is the best method to meet sustainable development goals set up by UNO. Mushrooms play an important role in biofuel generation, textile, footwear, furniture, dying and tanning industries. It is hoped that this paper would add to existing information on versatile attributes of mushrooms to make it feasible for humans to utilize mushrooms to a more prominent extent other than just a food ingredient, which makes them not just edible but a multi-functional fungi.