Food security is a concern of immediate significance in India, especially in densely populated and agriculture-dependent areas like West Bengal. Mushrooms provide a solution to the problem of food security because of their high nutritional content, low cost of production, and ability to withstand local climatic conditions. The southern part of West Bengal, especially Jhargram, has rich diversity in wild mushrooms associated with ethnomycological significance. This study aimed to focus on the wild edible mushroom Amanita princeps Corner and Bas and assessed its morphoanatomical, ethnomycological, nutritional and antioxidant properties. In our research, detailed morphological and phylogenetic analyses have been performed to confirm its taxonomic position. Further, the proximate analysis of the studied mushroom revealed that it contained a significant amount of carbohydrate, protein, fat, including important microelements, and macro elements. Detailed phytochemical analysis of this mushroom demonstrated that among the four types of extracts hydroalcoholic extract of Amanita princeps has the highest antioxidant activity with a significantly low EC50 value ranging between 150 to 225 µg/mL. The analysis of phytonutrients in this mushroom revealed a greater concentration of phenols (0.785 g GAE/100 g) and flavonoids (0.4325 g QE/100 g) compared to other nutritionally valuable and pharmacologically important mushrooms. Conclusively, it can be suggested that the studied mushroom is Amanita princeps from a detailed morphological and molecular study, and it offers therapeutic and nutritional benefits among traditional people. Thus, this study provides an unexplored market for the Amanita princeps mushroom to be a potent superfood among people.