Abstract Ganoderma lucidum (Lingzhi) has been utilized as a traditional medicinal fungus in East Asia for thousands of years. Modern scientific investigations have confirmed that G. lucidum contains a wealth of bioactive components, primarily polysaccharides, triterpenoids, and sterols. These constituents exhibit significant pharmacological activities, including anti-tumor, anti-inflammatory, immunomodulatory, and antiviral effects, particularly against COVID-19. This paper provides a comprehensive review of the chemical properties, extraction technologies (such as ultrasound-assisted extraction), and molecular mechanisms, focusing on the STAT3 and NF-κB signaling pathways. Furthermore, its applications in neuroprotection (e.g., Alzheimer’s disease) and metabolic regulation are discussed. Finally, artificial cultivation techniques are summarized to provide a reference for the industrial development and medical application of G. lucidum. (152 words)