Purpose This work assesses the feasibility of the valorization of water hyacinth, which grows in the canals of Xochimilco, México, through its use as substrate for the cultivation of edible mushrooms and forage. Methods Water hyacinth was processed using different pretreatments, producing four different substrates in which the mushroom was cultivated. The degradation of the substrate was estimated by its weight reduction, the biomass generation was measured, and the biological efficiency was calculated. The possible presence of cadmium and lead was determined by atomic absorption spectrophotometry in the fruiting bodies and in substrates (before and after the cultivation of the mushrooms). The potential of the substrate to be used as forage was determined through a proximate analysis. Results From all the inoculated substrates, the mushroom fructified only in two (humid and sterilized water hyacinth; and humid, pre-composted, and pasteurized water hyacinth with roots). Humid and sterilized water hyacinth was the best treatment, with a biological efficiency of 310.44 % ± 85.27. The weight reduction of this treatment was similar to that of the straw, which was used as a control. For both treatments, there was no presence of Pb and Cd in the fruiting body or in the spent substrate. The results of the proximal analysis showed that the spent substrate has the required characteristics to be used as potential bovine forage.Conclusions This treatment is a feasible alternative for the management of this complex waste, producing a valuable protein source and feed for cattle.