Flammulina velutipes, Basidiomycete macro-fungi is an important edible mushroom. Flammulina velutipes is commonly consumed worldwide but majorly in Japan, Korea and China. Various types of biomolecules that include polysaccharides, proteins, glycoproteins and secondary metabolites have been reported for several biological activities. Nutritional facts of Flammulina velutipes are reported to be naturally enriched with dietary fibres, proteinous part, essential-amino acids, vitamin and essential mineral. The functional properties of Flammulina velutipes are well-documented by various researchers and also through traditional usages. However, the detailed anticancer, cholesterol-lowering properties, anti-inflammatory activities, antioxidant properties, antimicrobial and other important potentials have made the mushroom an attractive area for researchers. Cancer is the deadly neoplastic disease that is the second leading cause for death globally. The natural products seem to be important for drug development. The phenolics that have reported anticancer properties have been isolated from Flammulina velutipes and include proto-catechuic acids, p coumaric and ellagic acid(s). © 2023 Elsevier B.V., All rights reserved.