Mycelium-based composites (MBCs) are characterized as biodegradable materials derived from fungal species. These composites can be employed across a range of industrial applications that involve the manufacturing of packaging materials as well as the manufacturing of buildings, furniture, and various other household items. However, different fungal species and substrates can directly affect the functional properties of MBCs, which ultimately vary their potential to be used in many applications. In this study, the mechanical, physical, and chemical properties of MBCs made from four different fungal species (Ganoderma fornicatum, Ganoderma williamsianum, Lentinus sajor-caju, and Schizophyllum commune) combined with three different types of lignocellulosic residues (sawdust, corn husk, and rice straw) were investigated. The results indicate that differences in both the type of lignocellulosic residues and the fungal species could affect the properties of the obtained MBCs. It was found that the MBCs obtained from sawdust had the highest degree of density. Moreover, MBCs obtained from S. commune with all three types of lignocellulosic residues exhibited the highest shrinkage value. The greatest degree of water absorption was observed in the MBCs obtained from rice straw, followed by those obtained from corn husk and sawdust. Additionally, the thermal degradation ability of the MBCs was observed to be within a range of 200 to 325 °C, which was in accordance with the thermal degradation ability of each type of lignocellulosic residue. The greatest degrees of compressive, flexural, impact, and tensile strength were observed in the MBCs of G. williamsianum and L. sajor-caju. The results indicate that the MBCs made from corn husk, combined with each fungal species, exhibited the highest values of flexural, impact, and tensile strength. Subsequently, an analysis of the chemical properties indicated that the pH value, nitrogen content, and organic matter content of the obtained MBCs were within the following ranges: 4.67–6.12, 1.05–1.37%, and 70.40–86.28%, respectively. The highest degree of electrical conductivity was observed in MBCs obtained from rice straw. Most of the physical and mechanical properties of the obtained MBCs were similar to those of polyimide and polystyrene foam. Therefore, these composites could be used to further develop relevant strategies that may allow manufacturers to effectively replace polyimide and polystyrene foams in the future.