Mushrooms have been used for centuries as a source of nourishment and sensory properties. Mushrooms are considered functional foods due to their bioactive compounds and a source of drug and nutraceutical development. More than 50 species present immunological potential that exhibit anticancer activity in vitro or in animal models, and some of them have been investigated in human cancers. Cancer is a major cause of death all over the world, promoting long lasting effects throughout the lifetime of the patient. Mushrooms are a source of ergothioneine, selenium, fiber, and several other vitamins and minerals. They have bioactive compounds used in cancer treatment due to their antitumor and anticarcinogenic effects. They contain β-glucans, β-proteoglycans, lectins, triterpenes, ergosterol, glutamine, and arginine. In the present study, we perform a literature review of studies that analyze positive impacts of mushroom compounds on cancer treatment due to their antitumor and anticarcinogenic effects and possible compatibility with chemotherapy management. The review indicates that a healthy diet with frequent consumption of mushrooms apparently reduces the risk of developing cancer. However, a clearer understanding of how mushrooms' bioactive principles may affect adjuvant treatments requires further research with long-term double-blind and placebo-controlled studies that evaluate a larger population in clinical trials by each type of cancer. Therefore, more robust statistical results are necessary to verify their efficacy and safety on cancer treatments.