Lentinus crinitus is a wild fungus, which produces mushrooms consumed by some Amazonian Indians. Besides, it is recognized for its diverse biological activities and biotechnological applications. However, there are few reports with limited information on basidiocarp chemical composition and cytotoxicity. Our study determined and evaluated the chemical composition, cytotoxicity, and antioxidant activity of L. crinitus pileus and stipe separately. Chromatographic methods were used to evaluate basidiocarp chemical composition. Cytotoxicity was verified using a cell culture from porcine liver and against a panel of human tumor cells from different models. Antioxidant activity was assessed by different in vitro methods. The pileus had higher levels of protein, ash, tocopherols, and organic acids, mainly malic acid, than the stipe. The stipe revealed higher contents of carbohydrates, energy, soluble sugars, and phenolic acids, mostly p-hydroxybenzoic acid. L. crinitus basidiocarp has mainly trehalose as soluble sugar, and less than 1% fat being ~60% polyunsaturated fatty acids (mostly linoleic and oleic acids), and ~13% saturated fatty acids (mostly palmitic acid). L. crinitus revealed high antioxidant activity for most methods and no cytotoxic activity against tumor and non-tumor cells. L. crinitus basidiocarp can be considered a functional food with applicability in food, cosmetic, and pharmaceutical industries.