Ganoderma (靈芝, Yeong-ji), the fruiting body of Ganoderma lucidum or G. sinense, is used to treat insomnia, excessive dreaming, palpitation, forgetfulness, and lung deficiency-induced cough. The therapeutic efficacy of Ganoderma has historically been overstated and mythicized due to its scarcity, rarity, and high price. Therefore, this study was performed to investigate the changes in recognition of Ganoderma by screening the associated studies. The morphologies of two locally circulated species were compared through macroscopic observation. The mystification and exaggeration of the efficacy of Ganoderma in published literature could be attributed to its scarcity since the Jin (秦) and Han (漢) dynasties to the early Myeong (明) dynasty. However, the compendium of materia medica (本草綱目, Bonchogangmok) expressed doubts about the overstated efficacy of Ganoderma. In the Myeong (明) and Cheong (淸) dynasties, and the Joseon (朝鮮) dynasty, Ganoderma was scarcely used to compose herbal formulae. Recently, Jeok-ji (赤芝), which is popularly cultivated and circulated in Eastern Asia, was recognized as the fruiting body of G. lingzhi, a newly identified species genetically distant from G. lucidum. Further investigation of the Ganoderma grown in Korea would be necessary to understand the differences between the species of Ganoderma.