Research on the nutritional and medicinal properties of wild edible mushrooms has witnessed a significant surge in recent years. Among these mushrooms, Armillaria mellea (AM) stands out due to its abundant biologically active components. The presence of biological compounds in AM, including carbohydrates, sterols, fatty acids, sesquiterpenes, non-hallucinogenic indole compounds and adenosine derivatives, has been demonstrated in previous studies. Notably, specific bioactive substances isolated from AM, such as armillarikin, have exhibited promising anticancer effects. In vitro studies have elucidated the mechanisms behind these effects, further emphasizing the potential of AM in cancer treatment. Consequently, the objective of this study is to provide a comprehensive overview of the phytochemical profiles of AM while thoroughly investigating its therapeutic benefits. Moreover, this research has uncovered novel and effective treatments, including the utilization of ultrasonic disruption extraction in food processing. These findings highlight the potential of AM as a functional food with possible medical applications. By exploring AM's phytochemical composition and therapeutic effects, this study aims to contribute to a deeper understanding of its potential as a valuable natural resource.