Pleurotus eryngii, commonly known as the king oyster mushroom, has been used extensively in North Africa, Europe and Asia. A great deal of work has been carried out on therapeutic potential of Pleurotus eryngii. The edible Fungi perform multiple bioactivities: anticancer, antiviral, antioxidant, antimicrobial, anti-leukaemia, hypolipidemic, immuno-modulating and estrogen-like activity. These bioactive properties depend on its bioactive compounds such as polysaccharides, eryngiolide A, ubiquinone-9, pentacyclic triterpenoid and so on. The present review focuses on the potential pharmacological activities and provides reference for the study of Pleurotus eryngii in the future.