Isaria cicadae is an entomopathogenic fungus possessing several therapeutic properties and has a potential role in traditional Chinese medicine. The present study was designed to describe the taxonomic details of a new isolate of I. cicadae collected from the Northern Himalayas of India and to study its vegetative and reproductive growth responses under in vitro conditions. Proximate composition, biochemical profiling, and radical scavenging activities were studied to establish the bioactivity of the isolate. Micromorphological characteristics of conidia and conidiophore formation were studied using scanning electron microscopy. The optimum temperature and pH for mycelial growth was 25°C and 7.0, respectively. Pinhead initiation was observed at day 10 after inoculation, but the fully developed, branched, and coral to club-shaped fruiting bodies could be observed after 30 days of inoculation. Proximate analysis indicated that carbohydrates are the major constituents (50.2%) of the fruit bodies, along with a lower quantity of protein (4.46%), crude fat (6.4%), and crude fiber (1.55%). Vitamin D content of I. cicadae was 3,605.84 IU/g. Radical scavenging activity based on the DPPT (1,1-diphenyl-2-picrylhydrazyl) assay was 21.2%. ABTS [2,2'-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid] and potassium ferricyanide reducing activity were quite high, at around 93% and 99.3%, respectively. The findings of this study provide insight into the biochemical constituents of I. cicadae and its cultivation practices for further exploitation of this mushroom at a larger scale.