Mushrooms are an important natural source of food and medicine. In the Philippines, only a few studies have been conducted on the diversity of mushrooms especially in the mountainous areas. The present study was conducted to document the species of macrofungi found in Paracelis, Mountain Province. The knowledge gained from this study can reveal their importance to the community. A total of 37 macrofungi belonging to 16 families, 26 genera, and 29 species were collected and identified. Twenty nine of the collected macrofungi were identified up to its species level and eight were only identified at its genus level. The collected samples were subjected to morphological identification based on its macroscopic and microscopic characteristics. The identified macrofungi were: Auricularia auricula-judae, Conocybe arrhenii, Coprinellus disseminatus, Coprinus sp., Crepidotus mollis, Daldinia concentrica, Earliella scabrosa, Favolus acervatus, Fomes fomentarium, Ganoderma applanatum, Ganoderma fornicatum, Ganoderma lucidum, Hygrocybe sp., Irpex lacteus, Lentinus strigosus, Lenzites elegans, Lepiota lilacea, Lepiota sp., Marasmiellus ramealis, Microporus xanthopus, Mycena sp., Panellus mitis, Paneolus cyanescens, Parasola plicalitis, Psathyrella candolleana, Psathyrella sp., Russula sp. Schizophyllum commune, Trametes elegans, Trametes gibbosa, Trametes hirsuta, Trametes versicolor, Trametes sp. 1, Trametes sp. 2, and Xylaria papulis. Out of these macrofungi, four species were identified as edible, viz: Auricularia auricula, Lentinus strigosus, Coprinus disseminatu, and Schizophyllum commune.