Podaxis pistillaris is neutraceutically, cosmoceutically and medicinally recognized macrofungus.During this research work, this edible mushroom was systematically characterized. Its culturability, laccase production, and dye decolorization potential were evaluated and optimized.Among the different media tested, PDA proved as most efficient medium for culturability of P. pistillaris. Conditions for laccase production were optimized in submerged state fermentation.Maximum laccase secretion was noted after 14 th day of Incubation at 35 o C with 130 rpm and 5 pH of medium. Fructose and ammonium-phosphate was found as best carbon and nitrogen source, while wheat straw revealed as good ligno-cellulosic source for strengthening laccase production.Congo-red dye decolorization capability by crude laccase enzyme was evaluated and found maximum decolorization potential (92.2%) after 288h of incubation. From this pilot study, it was confirmed that this edible macrofungus has culturability, laccase production and dye decolorization attributes that will further contribute in delignification, biosorption and bioremediation.