The wild mushroom Astraeus hygrometricus is a traditional delicacy during the monsoon season in South-western India. Bioactive principles and antioxidant potential of uncooked and pressure-cooked tender mushroom have been evaluated. Seven bioactive principles of mushroom (tannins, flavonoids, vitamin C, phytic acid, lycopene, β-carotene and trypsin inhibition) were significantly higher, while total phenolics content was significantly lower in uncooked than in cooked samples. Mushroom was devoid of L-DOPA, whereas only uncooked samples showed haemagglutinin activity against A+ blood group. The principal component analysis of uncooked mushroom showed only two bioactive principles clustered with two antioxidant properties, while in cooked mushroom five bioactive principles clustered with three antioxidant properties depicting the nutraceutical potential of cooked mushroom. Future studies should focus on appropriate thermal treatment, which retain maximum bioactive and antioxidant potential to combat health- and lifestyle-related ailments. The A. hygrometricus is ectomycorrhizal, conservation of its host tree species is utmost importance in improvement and expansion of its yield to sustain food security and economic gains of local tribals.