The genus Phellinus Quél. (Family-Hymenochaetaceae) is a cosmopolitan polypore mushroom including a large number of wood rotting species. However some of these species have pharmacological significance and are in use as folk medicine since ages. The present investigation aims at taxonomic study, evaluation of physicochemical properties and screening of mycochemical composition of the specimen collected from district Dehradun, Uttarakhand (India). Based on morphology and microscopy, the specimen was identified as Phellinus pachyphloeus (Pat.) Pat. This mushroom showed negligible foreign matter, low moisture content (13.67%), high dry weight (86.33%), good flow characteristics, high dispersibility (85.67%), high alcohol soluble extractives, high water absorption capacity, good emulsion properties and high content of water soluble ash (3%).The preliminary mycochemical screening was done as per established standards and showed the presence of carbohydrates, reducing sugars, proteins, amino acids, steroids, terpenoids, phenols, flavonoids, tannins, anthraquinone glycosides and cardiac glycosides. These results for Phellinus pachyphloeus (Pat.) Pat. are an indication of its potential use in pharmaceutical and nutraceutical preparations.