This work is mainly envisaged to screen the antioxidant activity of Ganoderma  applanatum extract. The extract was prepared by Soxhlet extraction using CHCl₃: Methanol (1: 1). The percentage yield is found to be 8 % w/w.  Qualitative chemical tests were also carried out to prove the presence of steroidal type of triterpene compound .Free radical scavenging activity was screened  by DPPH assay method (Ascorbic acid was taken as the standard drug), superoxide(Thoiurea  as standard) and lipid peroxide assay methods (thiobarbituric acid method and Vitamin E is taken as the reference standard).  The extract   showed EC₅₀ at 6.6 µg/ml, 28 µg/ml and 51 µg/ml respectively in DPPH, superoxide and lipid peroxide assay method. Also column chromatography was carried out.and the fraction obtained by eluting with dichloromethane: methanol (1:1) showed a single spot and is designated as GAC₄.It was subjected to spectroscopic studies and found to be as lucidadiol. Antioxidant activity were also performed using this and found to be more effective in free radical scavenging. This study reveals the great potential of Ganoderma applanatum for antioxidant activity even in microgram quantities and can be used as an effective antioxidant.