Ganoderma lucidum is one of the most popular medicinal mushrooms of Asian region having promising immune enhancing properties. This single species of mushroom has over 400 bioactive compounds and possess properties relating to battling tumours, viruses, bacteria, inflammation, platelet-aggregation, immune system modulation among many others. There are documented reports of G. lucidum fighting the activity against HIV/AIDS and diabetes. Owing to such a wide range of medicinal applications, the global consumption of G. lucidum is high, which has resulted in a plethora of commercially available patented products. These products have G. lucidum as an active constituent and are usually marketed as food supplements but are also available in the form of creams, hair tonics and medicinal soaps. The growing demand and the high cost of G. lucidum in the local market have enforced to think about a range of novel methods for the cultivation of this mushroom. We explored different novel strategies in this direction. In the first approach, the widely available agricultural residues of oil palm biomass (empty fruit bunch fibres, EFB) from Malaysia were used to cultivate this mushroom with cheap cost. The required conditions for the growth of this mushroom were studied by employing a pilot-scale cultivation in a mushroom farm. From the results it was scrutinized that oil palm waste fibres are the potential source of cultivating G. lucidum either alone or in combination of substrates. In the second strategy, the effect of UV-C radiation on the physical growth of G. lucidum mycelium has shown positive results. Results of 10 and 15 min of UV-C exposure treatments per 24 h showed a 30% increase in the diameter of mycelium over control in Potato Dextrose Agar medium petri-plates. Using EFB as substrates not only supports the G. lucidum cultivation but also offers a viable alternative for the management of solid waste in oil palm plantations of Malaysia. These results stipulate a better and stronger mushroom in terms of its bioactive compounds content and better growth parameters. Moreover, it also benefits the local mushroom farmers in Malaysia for the easy availability of the substrate materials and with better economy. The techniques involved can be propagated to the local Ganoderma industry for improvised cultivation for better output. A high output would also mean profitable business resulting in revolutionizing the economics of Ganoderma markets all over the world.