A new edible wild mushroom species, described herein as
Panus sribuabanensis
, was collected from local markets and natural forests located in northern Thailand. This species is characterized by its medium to large-sized basidiomata, broadly ellipsoid to ellipsoid-shaped basidiospores, dimitic hyphal system, and the absence of hyphal pegs. A molecular phylogenetic analysis of combined the internal transcribed spacer (ITS) and large subunit (nrLSU) of nuclear ribosomal DNA sequences supported the monophyly of
P. sribuabanensis
as a distinct lineage within the genus
Panus
. Full description, illustrations, color photographs, and a phylogenetic tree to show the placement of
P. sribuabanensis
are provided. The dried mushroom showed a nutritional composition within the range of 2.58%–2.67% for fat content, 27.10%–27.98% for protein, and 43.97%–44.10% for carbohydrates. The ethanolic extracts from this mushroom exhibited a total phenolic content ranging from 0.66 to 0.74 mg GAE/g dry weight (dw). Moreover, the antioxidant activities of ethanolic extracts evaluated by the 2,2-diphenyl-1-picrylhydrazyl (0.90–1.08 mg TE/g dw) and ferric reducing antioxidant power (0.93–1.08 mg TE/g dw) assays demonstrate higher activity compared to the 2,2-azino-bis(3-ethylbenzothiazoline-6-sulfonic acid) assay (0.44–0.51 mg TE/g dw). The outcomes of this study provide significant information on the nutritional value, phenolic content, and antioxidant activity potential of this new mushroom species discovered in northern Thailand.