The fruit bodies of Pleurotus species as a class of "Edible Fungal Foods" have been discovered to have definite nutritive and medicinal values. They are a good source of nonstarchy carbohydrates, dietary fiber (that can help in reducing the plasma cholesterol), most of the essential amino acids, minerals and vitamins of B group, and folic acid (necessary to counteract pernicious anaemia) in particular. Considering the essential amino acid index, biological value, in vitro digestibility, nutritional index, and protein score, Pleurotus species fall between high grade vegetables and low grade meats. Fractions of water-soluble polysaccharides are reported to possess antitumor activity. The physiological processes such as changes in water content, respiratory rate, texture, color, and activities of enzymes like proteases and polyphenol oxidases during the after-harvest life are delineated. The problems and prospects of processing the fruit bodies by various methods are discussed. Potentialities for production and consumption of the fruit bodies in different parts of the world are brought out.