The chemical composition of the tiger's milk mushroom (Lignosus rhinocerotis) from different developmental stages, i.e., the fruit body, sclerotium, and mycelium, was investigated for the first time. The fruit body and sclerotium of L. rhinocerotis were rich in carbohydrates and dietary fibers but low in fat. Protein levels in L. rhinocerotis were moderate, and all essential amino acids, except tryptophan, were present. The mycelium contained high levels of potassium, phosphorus, magnesium, riboflavin, and niacin and appreciable amounts of essential fatty acids. The results indicated that the sclerotium of L. rhinocerotis that was used in ethnomedicine was not superior to the fruit body and mycelium with regard to the nutritional content and bioactive constituents. Our findings provide some insights into the selection of appropriate mushroom part(s) of L. rhinocerotis and proper cultivation techniques for the development of new nutraceuticals or dietary supplements.