Ganoderma lucidum (G. lucidum) has gained increasing attention as a potential health care product and food source. However, the bitter taste of G. lucidum has limited its development and utilization for the food industry. The response surface methodology was employed to optimize the inclusion conditions for the debittering of G. lucidum. The effects of 2-hydroxypropyl-β-cyclodextrin concentration (12-14 g/mL), ultrasound temperature (20-40°C and host-guest ratio (1:1-2:1) on response variables were studied. The physical characteristics of inclusion complexes prepared through spray drying and freeze drying were analyzed. The antioxidant activity of the different treated samples was subsequently investigated. Study results showed that, in comparison to the control group, the inclusion solution displayed a significantly enhanced taste profile under optimal processing conditions, exhibiting an 80.74% reduction in bitterness value. Fourier transform infrared spectroscopy (FTIR) and proton nuclear magnetic resonance (NMR) studies indicated the successful formation of inclusion compounds. The moisture content and bulk density of spray-dried powder were found to be significantly superior to those of freeze-dried powder (p<0.05). In comparison to the diluted solution, the inclusion liquid demonstrated a 20.27%, 30.01% and 36.55% increase in ferric ion reducing antioxidant power (FRAP), hydroxyl radical scavenging and 2,2-diphenyl-1-picrylhydrazyl radical (DPPH) scavenging respectively. Further, the DPPH clearance of microencapsulated powder was not significantly different from that of tocopherol at a concentration of 25 mg/mL. In summary, the study provides theoretical basis and methodological guidance to eliminate the bitterness of G. lucidum, and therefore provide potential options to the use of G. lucidum as a food source.