<italic>Ganoderma</italic> P. Karst. has been used in traditional Chinese medicine for thousands of years for maintaining vivacity and longevity. This fungus is a cosmopolitan genus of mushrooms that can cause root and butt rot diseases on many woody tree species. <italic>Ganoderma</italic> is a species-rich genus, and many members are found in subtropical and tropical regions. Some <italic>Ganoderma</italic> species are well-known for being abundant sources of highly active bioactive substances like polysaccharides, proteins, steroids, and triterpenoids. The numerous metabolic processes of <italic>Ganoderma</italic> have been studied both <italic>in vitro</italic> and <italic>in vivo</italic>. However, it is debatable if <italic>Ganoderma</italic> is a nutritional supplement that promotes health, or a medication used for therapeutic purposes. Products made from <italic>Ganoderma</italic> have been marketed as potent food and medication supplements with positive health effects. Over the past three decades, the <italic>Ganoderma</italic> market has experienced significant growth, and hundreds of products are currently being offered on the market. However, in Sri Lanka, there hasn't been much research done on <italic>Ganoderma</italic>. Hence, a comprehensive account of the historical perspective, recent advances, and future trends of <italic>Ganoderma</italic> research in Sri Lanka is provided in this review. Furthermore, this review aims to increase the research interest, evaluate the recent developments, and address the missing gaps in research on <italic>Ganoderma</italic>.