Ganoderma lucidum is a white rot basidiomycete that grows on logs. Taking it as source of novel mycochemicals, this study was undertaken to assess the growth performance of G. lucidum using different indigenous culture media and different and altered physical factors such as pH, aeration, and illumination and temperature conditions. Similarly, the optimum rice straw substrate combination was also evaluated. Results from the study revealed that after five days of incubation, coconut water gelatin with pH of 6.0, grown on room temperature under sealed and lighted condition, supported the luxuriant mycelial growth of G. lucidum. On the other hand, rice straw and saw dust combination of 70-30 had the shortest incubation period of 17.33 days prior fructification. The basidiospores showed a typical type of germination in which the sporoderm produced a single germ tube, elongated, septated into a hypa, and branched to become monokaryotic primary mycelia. Mycelial coat hardening, primordial initiation, antler-like formation and basidiocarp maturation, and spore liberation were observed as the sequence of fruit body development.