In this study antioxidant activity and bioactive compounds of methanolic extract of Ganoderma lucidum (Curt.) P. Karst. were analyzed. Significant antioxidant activity on inhibition of 2, 2-diphenyl-1-picrylhydrazyl (DPPH) was observed when compared to standard antioxidant like L-ascorbic acid. IC50 value of the extract was 2.25 mg/mL. Total phenolics, flavones and ascorbic acid levels were estimated following standard techniques. The results showed that the methanolic extract of G. lucidum possessed remarkable amount of antioxidant compounds and also good free radical scavenging effects against different free radicals. The study also revealed that Ganoderma lucidum compounds can be used as better antioxidant supplement of nutrients.