Taxonomy and compositional evaluation of two new medicinal and edible varieties, Lentinus squarrosulus var. mangiferae and Pleurotus pulmonarius var. indicus, have been detailed in the present paper. Two new varieties were taxonomically identified by morphological, microscopical and ITS-region sequencing. Composition of proteins, carbohydrates, fat, ash content, minerals, fibers, ascorbic acid, phenolics, β-carotene, and lycopene and alkaloids was analyzed for these varieties.