Growing mushrooms is meeting challenges while aiming for sustainability and circularity. Wherever the producer is located, commercial strains are the same originating from several producers. Following the harvest, enormous quantities of spent mushroom substrate containing spores are disposed presenting a type of foreign material pressure on the ecosystem in the form of the loss of genetic diversity in wild mushroom populations. This challenge can be mitigated by bioprospecting local strains and using them to generate commercial inoculum. Accordingly, the mycoceutical potential of five polypore mushroom species from Serbia was evaluated: secondary metabolite composition, oxidative damage prevention, anti-tyrosinase, and anti-angiotensin converting enzyme (ACE) properties. The phenolic pattern was comparable in all samples, but the amounts of specific chemicals varied. Hydroxybenzoic acids were the primary components. All samples had varying quantities of ascorbic acid, carotene, and lycopene, and showed a pronounced inhibition of lipid peroxidation (LPx) and ability to scavenge HO•. Extracts were more potent tyrosinase inhibitors but unsuccessful when faced with ACE. Fomitopsis pinicola had the strongest anti-tumor efficacy while Ganoderma lucidum demonstrated strong selectivity in anti-tumor effect in comparison to healthy cells. The evaluated species provided a solid foundation for commercial development while keeping the local ecology in mind.