Mushroom extracts such as proteins, amino acids, polysaccharides and vitamins implicated as the reducing, stabilizing and capping agents in synthesis of myconanoparticles. Therefore, it is just a little attempt to study the journalism of this important of myconanoparticle. For this literature survey, basically library data was collected and digital resources were also included. From these sources we obtained reliable information about diverse nanoparticle synthesis from different mushroom species. Myconanotechnology is used in numerous medical applications like diagnosis of various diseases, therapeutic field and other applications like catalysis of bio molecules, microelectronics, biosensing devices, air and water purifiers and paints. Studies by different researchers specify that myconanoparticles possesses various pharmacological activities such as antimicrobial activity, anticancer activity, anti-proliferative activity, and various other effects like antioxidant activity, cellular uptake, catalytic activity etc. There are many literatures demonstrating the various global uses of myconanoparticles. Till date very inadequate information is available from different sources so, we try to assemble this information in one review article. This review article gives an account of updated information on synthesis of various nanoparticles from different species of mushroom extracts and its optimal synthesizing factors and its medical significance. INTRODUCTION: In latest years, nanotechnology is the fast-growing modern science, which has blossomed the human beings in the field of medical, chemical and physical sciences. In this field, synthesis of nanoparticles with erratic size, shape, chemical composition and prohibited polydispersity. It has vigorously developed as an important field of modern research with probable effects in electronic and medicine 1 .