This study evaluates the proximate analysis and antibacterial and antioxidant potential of the edible mushroom, Sparassis crispa. The preliminary mycochemical analysis revealed the presence of secondary metabolites such as saponins, terpenoids, flavonoids, tannins, and cardiac glycosides. Proximate analysis was performed to estimate the presence of some essential and nonessential metals in the sample. Among the minerals analyzed, zinc was in the maximum range (1.156 mg/g) compared to the other elements. The antioxidant potential of S. crispa ethanolic extract was assessed by using five assays: 1) 2,2'-azino-bis-3-ethylbenzothiazoline-6-suphonic acid, 2) ferric reducing antioxidant power, 3) 2,2-diphenyl-1-picryl-hydrazyl-hydrate (DPPH), 4) total flavonoid content, and 5) total phenolic content. The DPPH radical scavenging assay confirmed the highest percent inhibition of the extract (56.43% ± 0.21%). Antibacterial activity of the mushroom sample was tested against the selected Gram-negative and Gram-positive bacterial strains by using the agar well diffusion method. S. crispa ethanolic extract exhibited maximum antibacterial activity with an inhibition zone of 19.66 ± 0.88 mm against Escherichia coli compared to other bacterial strains. From these results, it could be assessed that S. crispa is a promising source of new antibacterial and antioxidant agents.