The cultivation of the Volvariella bombycina was investigated. The specific medium of fungi MGYP broth and MGYPA were used for the culture and MGYP with 1% CMC, MGYP medium were used for enzyme production. Spawn was prepared using sorghum grains and paddy straw. The chemical analysis of mushrooms was as follows (percentage). Moisture83.10± 0.57, Proteins54.07 ± 0.19, Fiber11.23±0.31, Fat 06.76± 0.27, Carbohy drates 44.85 ± 0.07, Ash 05.30±0.63 and Energy (kcal) 384.01± 40.24. The phytochemical analysis showed the presence of alkaloids, terpenoids, sugar, saponins, flavonoids, proteins and sterols. Phenols, tannins and quinines were absent in the above species. Phytochemical compounds were used for anticancer research, the present investigation will be useful for detection of new compounds against cancer cells.