This article reports a study of the pharmacological value of mushrooms, their biologically active substances, and research trends, with a focus on species found in the Guba district of Azerbaijan. The research was conducted based on both herbarium specimens from previous years and fungal specimens collected by the authors in recent years. As a result, out of a total of 104 species and one variation recorded in the Guba district, 27 have valuable therapeutic effects. Mushrooms belong to the 22 genera, 16 families, 7 orders of the phyla Ascomycota and Basidiomycota. Most of the collected mushrooms have antibacterial, anticancer, antioxidant and immunomodulatory properties. Of these, Fomes fomentarius, Fomitopsis quercina, Ganoderma lucidum, Morchella esculenta, Phellinus igniarius, Pleurotus ostreatus, Schizophyllum commune and Suillus granulatus combine five or more therapeutic effects. Among the studied mushrooms, Boletus edulis, Cerrena unicolor, Collybia nuda, C. odora, Coprinellus micaceus, F. quercina, Ganoderma applanatum, G. lucidum, Hydnum repandum, Hypholoma fasciculare, Laetiporus sulphureus, Lentinus tigrinus, Ph. igniarius, Pholiota aurivella, P. ostreatus, S. commune, Stereum hirsutum, S. granulatus, Trametes hirsuta and T. ochracea species are potent antimicrobial agents with high inhibitory effects against pathogenic bacteria, viruses and fungal strains. The study identifies potential uses of these mushrooms in the country and lays the foundation for future research.