In the last few decades, the demand for introducing biological resources into the multifaceted industry of medicine, food, cosmetics, textiles among others for manufacturing useful products has received immense consideration. Incidentally, fungal mycelium-based resources can act as an important instrument for the same. For example, cultivation of Ganoderma lucidum (Curtis)P. Karst. on a mixture which includes wheat straws and polypropylene embedded with spores from Bacillus amyloliquefaciens subsp. amyloliquefaciens resulted in a very unique biomaterial. This biomaterial is safe, inert, renewable, natural, biodegradable and could be molded in a desired shape. Also, they have high potential as thermal insulation material for applications in building sectors. Another example is of the billion-dollar cosmetic industry which seems to be in awe with byproducts of the fungal organisms for the development of antiaging products. A plus point with these fungal based products is that they are eco-friendly and are cost effective. These fungal organisms are extremely helpful in degrading the wastes produced by humans thus helping in curbing environmental contamination and also performing natural green auditing. This review is an attempt to emphasize the importance of mycelium-based bio-products in cosmetic, medicinal, packaging, enzyme, prebiotic, alkaloid, steroid, pigment, biopolymer, antibiotic, construction, vitamin based and organic acid industries.