Traditionally, mushrooms are having an importance in the diet. Since they possess both nutritional and medicinal value, research on mushrooms is the new area for developing lead molecules to treat cancer and other ailments. Ganoderma is a famous genus in the medicinally important mushrooms. Cancer is a fatal disease in which uncontrolled proliferation is the major crunch point to be considered. In our current study, various extracts of Ganoderma applanatum has been investigated for the evaluation of the cytotoxic activity. All the extracts were screened for their cytotoxicity by using brine shrimp nauplii (Artemia salina) lethality bioassay. The cytotoxicity was assessed in terms of LC50 (lethality concentration), 10 nauplii were taken into three replicates of each concentration of the extract. After 24 hrs, brine shrimps were checked for the mortality, surviving brine shrimps were counted and LC50 was evaluated. The results showed that all the extracts were showing potent toxicity to the nauplii. The LC50 values were compared to the standard potassium dichromate. It indicates that the extracts are toxic even at low doses. Further investigation is needed to study the acute and sub acute toxicity of the extracts for its safe application to the humans. The anti mitotic activity can be attributed to the chemical constituents present in the extract. The phytochemical screening showed that the species is rich in various phytochemicals like alkaloids, glycosides, terpenoids, saponins, steroids, tannins, carbohydrates and proteins. These bioactive compounds, especially the tannins, terpenoids, and steroids might be responsible for the said activity. Further research is in the process to identify and isolate the secondary metabolites which are having potent cytotoxic property.