Ganoderma lucidum, commonly referred to as Lingzhi or Reishi, is a basidiomycete rot fungus which has been used for centuries in East Asia for promotion of good health and longevity. The main bioactive components of G. lucidum can be broadly grouped into polysaccharides and triterpenes. The anticancer properties of G. lucidum have been proved in both in vitro and in vivo studies using human and murine cell lines. Various pharmacological activities have been reported such as, hepatoprotective, anti-diabetic, anti-hypertensive, cardioprotective, immune modulatory, antioxidant, anticancer, etc. Regardless of polysaccharides and triterpenes have been used for treatment of different types of cancers the mechanism by which they exert their anticancer effect remains undefined. The aim of this paper is to summarise the treatment of various cancer with respect to various mechanisms that have been suggested for the anticancer properties of polysaccharides and triterpenes extracted from G. lucidum.