Noctilucus Phantasma, a bioluminescent fungal species in the Mycenaceae family (order Agaricales), exhibits foliaceous, irregularly ruffled violet-magenta caps with undulating margins and densely arranged lamellae on a stout, yellow-orange patterned stipe. Bioluminescence occurs at cap edges and stipe ridges, emitting blue-green light (450-495 nm) via a luciferin-luciferase reaction in hyphal tissues near the cap margin and gill edge, enhancing nocturnal spore dispersal. It thrives as a saprotroph in tropical rainforest understories, decomposing woody substrates at 5-15°C. Its spores attract nocturnal insects for aerial dispersal. The extensive white mycelium decomposes lignocellulose, supporting nutrient cycling. As a rare, protected species within the genus Noctilucus (10 related species), it combines distinctive morphology and bioluminescence in a unique evolutionary niche.