Mushrooms are unexploited treasures of secondary metabolites. Analysis of the chemical constituents of these mushrooms would be necessary for the assessment of their pharmacological and biological activities. This study aimed at profiling of mycochemical constituents of five wild mushroom extracts thereby understanding their biological and pharmacological properties. Mushrooms were collected from Arabuko-Sokoke and Kakamega National Reserved Forests, Kenya. Specimens were identified by both morphological and molecular methods. Bioactive compounds were extracted using chloroform, 70% ethanol, and hot water solvents. Chloroform, 70% ethanol, and hot water extracts of Auricularia auricula-judae, Microporus xanthopus, Termitomyces umkowaani, Trametes elegans, and Trametes versicolor were determined using gas chromatography and mass spectrometry (GC-MS). From all extracts, a total of fifty-one (51) compounds were identified and grouped into carboxylic acids, esters, phenols, fatty acids, alcohol, epoxides, aldehyde, fatty aldehyde, isoprenoid lipids, and steroid. Of the total compounds, Oleic acid (72.90%) from Trametes elegans was detected abundantly. Most of the compounds obtained from the chloroform extract of Trametes elegans and 70% ethanol extract of T. umkowaani are fatty acids. The identified compounds have revealed many biological and pharmacological activities such as antimicrobial, antioxidant, antimalarial, anti-inflammatory, insecticidal, anti-helminthic, larvicidal, vasodilator, antihypertensive, hepatoprotective, anticancer, antidiabetic, antifertility anti-diuretic, antiasthma, antifouling, anti-dermatophytic, antispasmodic, anti-hypocholesterolemic, nematicide, pesticide, immunostimulant, antiarthritic, and antihistaminic. These fatty acids are particularly playing important roles in the anti-inflammatory, hypocholesterolemic anticancer, and anti-biofilm formation activities. The presence of these bioactive components suggests that the extracts of five wild mushrooms could be good sources of secondary metabolites for drug discovery.