From the Super Mario Wiki
It made its debut in the Battle Mode found in the main menu of Super Mario Bros. 3 (Super Mario All-Stars version), where it would reverse the two players' positions on the screen or reverse their super/small forms.
This rare mushroom also appears in Mario Party 3. It is green with a red U-turn symbol on it and is Donkey Kong's favorite item. The player who has it can make any player on the board (including himself/herself) go in reverse when they are moving across it, until they reach a fork or area with multiple paths, then the person inflicted can choose to go forward in another direction, or still go backwards.
The Reverse Mushroom was exclusive to Mario Party 3, and no similar items have appeared in any of the following Mario Party games.
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