This study aimed to evaluate the effect of solvents with different polarities on the extraction on extraction of bioactive compounds from Ganoderma lucidum (G. lucidum) and their antioxidants and free radical scavenging Activities (FRSAs). Different solvents (water, methanol and ethanol) were used for the extraction of phenolic, flavonoids, lycopene and triterpenoids and the antioxidants and FRSAs of the extracts were determined in vitro by several standard methods. Among the extracts, ethanol extract showed the highest value for total phenolic, flavonoids, lycopene and triterpenoids were 98.78± 2.98 mg GAE, 51.69 mg CE, 39.07 µg and 87.63 mg UAE. g-1 dry extract, respectively. Ethanol extract displayed high scavenging action based on DPPH and HRSA (93.20± 0.98 and 62.89 ±1.57%) with IC50 of 10.11±0.75 and 44.98±1.17 μg/mL, respectively when compared with standard BHT (IC50 of 7.53±0.34 μg/mL) and CA (70.11±2.11 μg/mL). Also, in the lipid peroxidation inhibition method, ethanol extract showed the highest inhibitory activity (83.77±2.04%) with an IC50 of 11.84±1.10μg/mL, similar to standard CA (IC50 of 10.83 ± 0.78 μg/mL). These results demonstrate that EtE exhibited the highest radical scavenging and lipid inhibitory properties among the extracts, which closely correlated with the standards. The amount of phenolics and flavonoids was found to have a substantial positive connection (p value 0.001) with free radicals (DPPH and OH) scavenging and lipid peroxidation inhibitory capabilities. On the other hand, extracts of this mushroom were applied to one of the important meat products, meatballs, as natural antioxidants and they showed high efficiency in control the degradation of protein molecules and the development of rancidity and off flavors, thus improving product acceptability and prolonging shelf life. Finally, G. lucidum extracts could be useful as a plant-based functional food or medicine for a variety of disorders induced by free radicals.