Belonging to the Hymenochaetaceae family, Inonotus obliquus (chaga mushroom) is a mushroom with a long history of being used in food industry and treatment of diseases. The chaga mushroom has shown to possess anticancer, antiviral, and hypoglycemic properties. Pervious studies have highlighted the therapeutic potential of this mushroom in combating cancers, diabetes mellitus, and antiviral activities. Chemical analysis of the mushroom identified a variety of constituents including phenolic compounds, melanins, and lanostane-type triterpeniods. Researchers found potential molecular mechanisms of actions of the chaga mushroom such as it can inhibit the growth of tumors, decrease inflammation and insulin resistance in type 2 diabetes, scavenge reactive oxygen species, and stimulate the immune system.