The binary isotropic and anisotropic collision-induced light scattering spectra of gaseous methane at room temperature are analyzed in terms of a recent ab initio intermolecular potential and interaction-induced pair polarizability trace and anisotropy models, using quantum line-shapes computations. The translational spectra at relatively low frequencies are determined largely by the effects of bound and free transitions. At intermediate frequencies the spectra are sensitive to both the attractive part of the potential and the short-range part of the polarizability trace and anisotropy. The high frequency wings are discussed in terms of the collision-induced rotational Raman effect and estimates for the dipole-quadrupole polarizability A and the dipole-octopole polarizability E are obtained and checked with recent ab initio theoretical values.