The aim of this study was the evaluation of the basic bioprocess parameters by applying mathematical modelling of the growth kinetics of Ganoderma resinaceum GA1M isolated from Bulgaria as well as assessment of the antioxidant and antimicrobial activity of the obtained biomass. The models of Monod, Moser, Andrews and Verhulst in combination with the Luedeking–Piret were applied for kinetics modelling of the cultivation process. The in vitro antioxidant activity was evaluated by applying four different methods. The disk diffusion method and broth microdilution methods were employed to determine the antimicrobial activity of the mycelium biomass extracts. Mathematical modeling of the kinetics of the cultivation process was performed and basic bioprocess parameters were determined. The obtained experimental data were in agreement with the applied mathematical models. The water extract of the mycelium biomass showed the highest antioxidant potential and the highest total phenolic content. The methylene chloride, methanol and ethanol extracts of the biomass demonstrated antimicrobial activity.