G. lucidum is an oriental fungus loaded with antioxidant, antimicrobial and anticancer properties. G. lucidum extracts obtained by using soxhlet and Ultrasonic-Assisted Extraction (UAE). The antioxidant properties determined by DPPH assay resulting in IC50 value of extract for soxhlet water 372.21 μg/mL followed by soxhlet ethanol 431.00 μg/mL, UAE ethanol 541 μg/mL and UAE water 560.90 μg/mL shown weak antioxidant properties. Well plate diffusion used for antimicrobial activity test against S. aureus and E. coli. UAE water extract shows highest antibacterial properties against S. aureus (20–23) mm followed by soxhlet water extract (6–13) mm. The ethanol extract for both soxhlet and UAE are (5–13) mm and (4–14) mm respectively. G. lucidum extract exhibited zero inhibition zone against E. coli due to presence of barrier membrane. CCK-8 used to test anticancer activity against MCF-7 cells. The IC50 values of soxhlet ethanolic extract is 4.797 μg/mL followed by UAE ethanolic extract 5.291 μg/mL, soxhlet water extract 7.196 μg/mL and UAE water extracts 9.455 μg/mL. The lower IC50 value indicated that the extracts inhibited cell viability of MCF-7.