Mushrooms are ubiquitous in nature. Even though humankind has been consuming mushrooms for ages, their medicinal and nutraceutical properties are not used to its fullest potential in the present market. Edible mushrooms are not only a cheap and nutritious option to mitigate malnutrition, but they also produce effective biomass. Submerged fermentation (SmF) is not only a cost-effective method to produce biomass along with exquisite bioactive metabolites but it also reduces the chances of contamination and the time of production. Therefore, this study unveils the bioactive metabolites being produced by mushrooms. Moreover, it also showcases the recent advances in the areas of bio-active compounds and their judicious implementations in daily life and pharmaceutical industries. Moreover, there is a distinct lack in utilizing the potential benefits of bioactive compounds from mushroom unless in vivo and in vitro studies are demonstrated. © 2020, King Abdulaziz City for Science and Technology.