This review examined research on Psilocybe mushrooms and their chemical compounds, particularly psilocybin and psilocin, which show promise for treating depression and anxiety. The authors found that while these psychoactive compounds have been extensively studied, many other chemical substances in these mushrooms remain unexplored. Additionally, preliminary studies suggest these mushrooms may have antimicrobial and antioxidant properties, though more research is needed. The review highlights significant gaps in understanding the full potential of Psilocybe mushrooms for medical applications.