Wild and cultivated edible and medicinal mushrooms have long been known by humans as a source of valuable food and medicines in Asian and European countries. Currently, only a small fraction of estimated fungal biodiversity has been investigated for their bioactivities and medicinal properties, while mushrooms possess a potential in pharmacy, medicine, cosmetics and food industry. In the kingdom of fungi, mushrooms taxonomically belong to phyla Basidiomycota (class Agaricomycetes) and Ascomycota (class Pezizomycetes) of the subkingdom Dikarya.Mushrooms, such as truffles (Tuber), morels (Morchella), Agaricus bisporus, Boletus edulis and oyster mushrooms (Pleurotus species), are considered gourmet healthy food. Mushrooms (Ganoderma and Trametes species, Hericium erinaceus, Lentinula edodes, etc.) are also perspective sources for myco- pharmacological research as source of bioactive molecules (alkaloids, lipids, phenolics, polysaccharides, proteins, steroids, terpenoids, etc.) with more than 130 medicinal effects (anti-inflammatory, antimicrobial, antioxidant, antitumor, antiviral, cytotoxic, hepatoprotective, hypocholesterolaemic, hypoglycaemic, hypotensive, immunomodulatory, neuroprotective, etc.). There is scientific evidence of using mushroom-derived biotech products as dietary food, pharmaceuticals, cosmeceuticals and other products available in the market.The current review discusses recent advances in research on the biotechnological potential of mushrooms to develop novel biotech products and perspectives for their applications in human welfare.KeywordsBiotech productsCosmeceuticalsMedicinalMushroomsNutriceuticalsPharmaceuticals