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<jats:title>Abstract</jats:title><jats:p>This study presents the current knowledge on chemical composition, biological activity, and possible medicinal applications of <jats:italic>Phellinus igniarius</jats:italic>, <jats:italic>Phellinus pini</jats:italic>, <jats:italic>Phellinus pomaceus</jats:italic>, and <jats:italic>Phellinus robustus</jats:italic>. These inedible arboreal species are phytopathogens that cause the enzymatic decomposition of wood. These species belong to the medicinal mushrooms and have been known for centuries in the traditional medicine of the Far East. They have been used as an effective remedy for stomach and intestinal ailments, diarrhea, and hemorrhages. Mycochemical studies have proved the presence of polysaccharides, phenolic compounds, and terpenoids. These compounds show biological activities such as anticancer, antioxidant, antiangiogenic, and antiviral. Research studies conducted using modern analytical methods have advanced the knowledge on the potential therapeutic use of compounds isolated not only from the fruiting bodies but also from biomass obtained with <jats:italic>in vitro</jats:italic> biotechnological methods.</jats:p>