Ganoderma lucidum (G. lucidum) has been known for many centuries in Asian countries under different names, varying depending on the country. The objective of this review is to investigate the scientific research on the natural active bio-compounds in extracts obtained from G. lucidum with significant biological actions in the treatment of cancer. This review presents the classes of bio-compounds existing in G. lucidum that have been reported over time in the main databases and have shown important biological actions in the treatment of cancer. The results highlight the fact that G. lucidum possesses important bioactive compounds such as polysaccharides, triterpenoids, sterols, proteins, nucleotides, fatty acids, vitamins, and minerals, which have been demonstrated to exhibit multiple anticancer effects, namely immunomodulatory, anti-proliferative, cytotoxic, and antioxidant action. The potential health benefits of G. lucidum are systematized based on biological actions. The findings present evidence regarding the lack of certainty about the effects of G. lucidum bio-compounds in treating different forms of cancer, which may be due to the use of different types of Ganoderma formulations, differences in the study populations, or due to drug–disease interactions. In the future, larger clinical trials are needed to clarify the potential benefits of pharmaceutical preparations of G. lucidum, standardized by the known active components in the prevention and treatment of cancer.