This study evaluates the antioxidant, antimicrobial, and antiproliferative activities of mushroom varieties (, , and) found in the Himalayan regions of Jammu and Kashmir, India. All three mushroom varieties exhibited antioxidant activity. showed the highest diphenyl-2-picrylhydrazyl inhibition activity (87.88±5.6%), showed the highest reducing power (0.49±0.01) and metal chelating ability (48.57± 0.38%), and contained the highest phenolic (5.25±0.14 mg gallic acid equivalent per gram) and flavonoid content (64.39±0.73 μg rutin equivalent per gram). showed maximum antibacterial activity against all the pathogenic strains and the highest zone of inhibition was against (7.45±0.5 mm). exhibited the highest cell proliferation inhibition against Colo-205 and MCF-7 cancer cell lines. The structural analysis by Fourier transform infrared spectroscopy indicated the presence of β-configuration in carbohydrates, phenolic compounds, and protein, which impart nutraceutical properties to mushrooms.