Lentinula edodes, the “Shiitake” mushroom is a well studied edible mushroom which has antimicrobial, antifungal, antiviral, antidiabetic and antioxidative potentiality. The present study was conducted in order to investigate various qualitative and quantitative parameters like microscopic evaluation, physicochemical constants and preliminary mycochemical analysis of the dried mushroom powder. Physicochemical constants such as percentage of loss on drying (8.9%), total ash (3.81%), swelling capacity (116.66%), water holding capacity (427.12%), water solubility index (23.85%) and methanol extractive value (11.2%) were documented. Fluorescence analysis exhibited considerable variations against treated reagents. On the other hand preliminary mycochemical tests revealed presence of glycosides, carbohydrate, terpenoids, phenol and flavonoids. Good content of phenols was also supported with HPTLC and HPLC data. The antioxidant activity was checked using DPPH radical scavenging assay (EC50=1.25 mg/ml) and total antioxidant capacity test. Measurement of bioactive components confirmed presence of flavonoids, phenol, ascorbic acid, β-carotene and lycopene in descending order. Hence, the present study establishes the pharmacognostic profiles of this mushroom which will help in standardization of the mushroom powder with respect to quality, purity and identity. © 2015, International Journal of Pharmacognosy and Phytochemical Research. All Rights Reserved.