The present study investigates the presence of phytochemical compounds in thecold&hot aqueous extract, ethanol extract and methanol extract of Calocybeindica, milky mushroom. The mushroom spawn was prepared from the procured culture with the white sorghum grains as the substrate and well matured spawn were used for the production of mushrooms. The paddy straw was used as a substrate for the growth of the mushrooms. The matured spawn was inoculated in the processed substrate and maintained with the optimum conditions. The well grown mushrooms were harvested and shade dried. The dried mushrooms were powdered and cold&hot aqueous extract, ethanol extract and methanol extract was prepared and used for the qualitative phytochemical analysis. The phytochemicals such as carbohydrates, proteins, alkaloids, flavonoids, phenols, saponins etc. were screened for their presence and the results shown that the four different extractsof Calocybeindica, milky mushroom possess various phytochemicals at considerable proportion which can be said as a source of phytochemicals for various pharmaceutical applications.