Lentinus squarrosulus is a mushroom widely used in Gabon for its culinary and medicinal properties. The bioactive potential of mushrooms might be attributable to the presence of several pharmaceutically important mycocompounds that need to be ascertained scientifically. A study of the therapeutic potential of L. squarrosulus, the species of lignicolous fungus exploited in Gabon, was carried out on the basis of a chemical screening performed on three extracts in order to highlight different important chemical groups. This chemical screening was followed by a study of the fungus's antioxidant activity and prediction of its additional pharmacological activities. Chemical screening revealed that three extracts (aqueous, hydroethanolic, and ethanolic) of L. squarrosulus were almost free of tannins and were poor in total flavonoids and moderately rich in reducing sugars. Aqueous and ethanolic extracts were rich in total polyphenols, whereas aqueous and hydroethanolic extracts were rich in alkaloids. The aqueous extract was rich in saponosides and the hydroethanolic extract was rich in coumarins. The dosage of phenolic compounds confirmed the fungus's richness in total polyphenols, especially for aqueous and ethanolic extracts, its poverty in flavonoids and absence of tannins in ethanolic and hydroethanolic extracts. Regarding antioxidant activities, the results obtained for diphenyl picryl hydrazyl trapping tests showed that the different extracts tested had antioxidant activity ranging from low to moderate (0.12 ≤ antioxidant activity index [IAA] ≤ 0.6); the greatest activity was obtained with ethanolic extract (IAA = 0.6). Hence, we conclude that L. squarrosulus extracts can be used as easily accessible sources of natural antioxidants for potential preventative therapies.