Wild medicinal mushrooms are known to contain significant amounts of essential biochemical compounds with potential health benefits. Therefore, this study aimed to investigate the metal elements and biochemical constituents of wild turkey tail (Trametes versicolor) mushrooms collected from the Shivalik foothills of the Himalayas, India. Mushroom samples were purposefully collected from eleven (11) sampling sites located in three (3) districts of North Indian states (Uttar Pradesh and Uttarakhand). The results of this study indicated that wild T. versicolor showed the presence of eight metal elements (Cd: 0.011–0.139, Cr: 0.225–0.680, Cu: 1.073–3.108, Fe: 4.273–8.467, Mn: 2.157–3.892, Zn: 3.069–4.478, Ni: 0.065–0.186, and Co: 0.035–0.120 mg/kg). The samples also showed a significant presence of total phenolics (51.81–70.13 mg GAE/g), flavonoids (9.02–14.01 mg QE/mg), lycopene (0.02–0.08 mg/g), and β-carotene (0.31–0.72 mg/g). The proximate analysis also showed that T. versicolor is a good source of carbohydrate (38.33%–41.94%), protein (8.12%–11.06%), fat (0.93%–1.26%), moisture (63.80%–70.64%), dietary fiber (9.59%–14.30%), and total ash (2.42%–3.48%). In addition, gas chromatography (GC-FID) analysis revealed the presence of the five most dominant fatty acids, including linoleic acid (18:2n6c), palmitic acid (C16:0), oleic acid (18:1n9c), linolenic acid (18:3n3), and stearic acid (C18:0). Principal component analysis (PCA) and hierarchical cluster analysis (HCA) were helpful in identifying variations and similarities among different constituents of T. versicolor at selected sampling sites. Due to its low metal element content and rich biochemical profile, T. versicolor was highlighted in this research for its significant potential as a functional food or nutraceutical ingredient. This work promotes its sustainable use in the healthcare and food industries and lays the groundwork for further research into its therapeutic applications.