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Various mushroom proteins, such as lectins, fungal immunomodulatory proteins, ribosome inactivating proteins, ribonucleases, laccases and other proteins have interesting biological activities. These have become popular sources of natural antitumor, antiviral, antimicrobial, antioxidative and immunomodulatory agents. This paper updated the present status of bioactive compounds in Ganoderma lucidum a mushroom with biomedical potential. Ganoderma lucidum collected from botanical garden growing on Mimosops elangi as pathogen was investigate for the bioactive compounds and anticonvulsant activity. Its aqueous extract was injected in wistar albino rats. Phytochemical analysis was done by chemical, FTIR and mass spectrometric methods. Acute toxicity was determined using Lorke’s method. The anticonvulsant activity of the extract was assessed in pentylenetetrazole (PTZ) induced and maximal electroshock (MES) induced convulsion in rats, with valproic acid and phenytoin as positive control (PC), respectively. Gamma ami o butyric acid (GABA) estimation of rat brain was carried out by standard high performance liquid chromatography (HPLC). Phytochemical analysis showed the presence of polysaccharides, flavonoids, terpenoids and phenolic acids in particular. Six bioactive compounds were identified in GAE by FTIR and LC-MS characterization which included three triterpenoids and three phenolic compounds/flavonoids. Extracts were found non-lethal even at the doses over 5000 mg/kg intraperitoneally. GAE at higher dose (500mg/kg) and PC produced nearly similar effects (100% protection) against MES induced generalized tonic hind limb extension (THLE) and PTZ induced absence seizures. GAE showed significant effects against both convulsion models in a dose dependent manner. None of the deaths were recorded in MES rats while in PTZ rats higher doses of test reduced mortality to 16% along with the valproic acid, which also produced 16% deaths. GABA content was also found improved in test groups and standard in PTZ rats. GABA appeared non-essential in MES induced convulsions. These results suggest that Ganoderma aqueous extract possess anticonvulsant potential due to the presence of biologically active components.