Meaning 'of several colors', versicolor accurately describes this fungus that displays a unique blend of markings.

[2] The bottom surface of the cap shows typical concentric zones of different colors, and the margin is always the lightest.

[6] It is considered inedible due to its leathery texture, but can be prepared in many ways, such as teas, powders, etc., to allow for it to be consumed.

"[7][8][9][10][11] Similar species include Trametes hirsuta,[8] T. ochracea,[3] T. suaveolens, Bjerkandera adusta,[8] Cerrena unicolor,[3] Lenzites betulina, and Stereum hirsutum.

[14] Polysaccharide-K (PSK or krestin), extracted from T. versicolor, is considered safe for use as an adjuvant therapy for cancer treatment in Japan where it is known as kawaratake (roof tile mushroom) and approved for clinical use.

[15][16] As a glycoprotein mixture, PSK has been studied in clinical research in people with various cancers and immune deficiencies, but its efficacy remains inconclusive, as of 2022[update].

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