Mushrooms are considered as nutraceutical foods that can effectively prevent diseases such as cancer and other serious life‐threatening conditions include neurodegeneration, hypertension, diabetes, and hypercholesterolemia. The Cantharellus cibarius, also known as the “Golden chanterelle” or “Golden girolle,” is a significant wild edible ectomycorrhizal mushroom. It is renowned for its delicious, apricot‐like aroma and is highly valued in various culinary traditions worldwide. It is well known for its nutritional, nutraceutical, and therapeutic properties. The high nutritional value of C. cibarius is attributed to its abundant carbohydrates, proteins, β‐glucans, dietary fiber, and low‐fat content. It also contains medicinal polysaccharides (β‐glucans), proteins (lectins and selenoproteins), important fatty acids (linoleic and omega‐6), vitamins, and minerals (N, P, K, Ca, Zn, Ag, Se, etc.). The sporocarp of C. cibarius contains a diverse array of bioactive metabolites, including flavonoids, phenolics, sterols, fatty acids, organic acids, indole groups, carbohydrates, vitamins (tocopherols), amino acids, enzymes, bioelements, carotenoids, and 5ˊ‐nucleotides. C. cibarius has a wide array of biological properties, such as antioxidant, anticancer, anti‐inflammatory, antifungal, antibacterial, anthelmintic, insecticidal, antihypoxia, antihyperglycemic, wound‐healing, cytotoxic, and iron‐chelating activity. Thus, the present review gives an overview of C. cibarius, covering its chemical composition, ecological significance, postharvest preservation strategies, and potential applications in dietary supplements, nutraceuticals, and pharmaceuticals. It also dives into the etymology, taxonomy, and global distribution of the renowned “Golden Chanterelle.” Furthermore, there is a need to valorize waste materials created during production and processing, as well as to acquire a thorough understanding of the mechanisms of action of bioactive compounds in mushrooms.