Oyster mushroom is consumed all over the world due to its taste, flavor, high nutritional value, and some medicinal properties. Many species of this genus are rich in proteins with essential amino acids, polysaccharides, essential amino acids, dietary fibers, important minerals, and some vitamins. Because of this nutritional composition and presence of bioactive molecules, oyster mushroom has been reported to have anticancer, antihypertensive, antihypercholestromic, antidiabetic, antiobesity, antiaging, antimicrobial, and antioxidant activities. The high nutritional value and potent medicinal uses suggest that Pleurotus mushrooms are important functional foods or nutraceuticals.