Lactarius sanguifluus is a wild edible mushroom belonging to Russulaceae family and commonly known as ‘bloody milk cap’. It is one of the most valued mushrooms in the gastronomy sector. The bioactive components present in L. sanguifluus are responsible for the nutraceutical potential of this wild edible mushroom. The present study was carried out to assess the phytochemical screening, total phenolic content, antioxidant potential and antimicrobial activities of methanolic extracts of L. sanguifluus. Qualitative phytochemical analysis showed the presence of alkaloids, anthraquonone, glycosides, tannins, saponins, flavonoids, terpenoids, phenolics, carbohydrates as well as proteins and amino acids, but anthocyanins and sterols were found absent.  The total phenolic content of methanol extracts of Lactarius sanguifluus was 128.05 (mg Gallic acid equivalents per gram weight). The in-vitro antioxidant potential was analyzed by DPPH and Hydrogen peroxide method. The DPPH scavenging activity was 85.2±0.371 % and Peroxide was 84.1±0.281 % at 500µg/ml concentration, comparable to that of ascorbic acid. The methanolic extracts of L. sanguifluus were found to have significant antimicrobial activity against all the three test microorganisms i.e. Escherchia coli, Pseudomonas aeruginosa and Candida albicans. The present study evaluates the quantitative phytochemicals, total phenolic content antioxidant potential and antimicrobial activity of Lactarius sanguifluus extracts, so that its underexploited nutraceutical potential can further be explored.