The genus Ganoderma is a widely used medicinal fungus in East Asia. The main medicinal components are triterpenoids, polyphenols, and polysaccharides. Bitterness is an important commercial trait for Ganoderma. White Lingzhi (G. leucocontextum) is less bitter. But the characteristics of its nutritional and medicinal ingredients are still unclear, which undoubtedly limits its commercialization. In this study, the medicinal ingredients of Lingzhi and white Lingzhi were extracted and quantified. The structure and antioxidant activities of purified polysaccharides were determined. At the same time, their nutritional differences were compared. White Lingzhi contains more medicinal ingredients and its polysaccharide is more active. The higher protein content may be one of the reasons for weaker bitterness in white Lingzhi. The nutritional and medicinal traits of white Lingzhi were described for the first time in this study, which provides fundamental knowledge to support the development of white Lingzhi.