In this work, we evaluated the antioxidant, toxicological, mutagenic, antigenotoxic and nutritional properties of <i>Oudemansiella cubensis</i>, which is a mushroom found in neotropical regions worldwide and native to Paraguay. Nutritional content analyses revealed that <i>O. cubensis</i> is a rich source of protein, dietary fiber, and fats. Antimicrobial analyses showed antimicrobial activity against <i>Pseudomonas aeruginosa</i> and <i>Enterococcus faecalis</i>. Additionally, the species resulted to be nontoxic for human consumption with an LD<sub>50</sub> value of 37.1 mg.mL-1. The ethanolic extract of <i>O. cubensis</i> showcased an important antimutagenic activity at a concentration of 20 mg.mL<sup>-1</sup>, which promotes the prevention of genotoxic damage. Regarding its chemical profile, Gas Chromatography – Mass Spectrometry confirmed the presence of compounds such as l-(+)-ascorbic acid 2,6-dihexadecanoate, octacosanol and cyclo(l-leucyl-l-prolyl), which stood out for antioxidant and antimicrobial properties. This study provided further evidence that <i>Oudemansiella cubensis</i> is a valuable species because of its potential for biotechnological applications.