Filamentous fungal mycoproteins have gained increasing attention as sustainable alternatives to animal and plant‐based proteins. This comprehensive review summarizes the nutritional characteristics, toxicological aspects, and health‐promoting effects of mycoproteins, focusing on those derived from filamentous fungi, notably Fusarium venenatum. Mycoproteins are characterized by their high protein content, and they have a superior essential amino acid profile compared to soybeans indicating excellent protein quality and benefits for human nutrition. Additionally, mycoproteins offer enhanced digestibility, further highlighting their suitability as a protein source. Furthermore, mycoproteins are rich in dietary fibers, which have been associated with health benefits, including protection against metabolic diseases. Moreover, their fatty acids profile, with significant proportions of polyunsaturated fatty acids and absence of cholesterol, distinguishes them from animal‐derived proteins. In conclusion, the future of mycoproteins as a health‐promoting protein alternative and the development of functional foods relies on several key aspects. These include improving the acceptance of mycoproteins, conducting further research into their mechanisms of action, addressing consumer preferences and perceptions, and ensuring safety and regulatory compliance. To fully unlock the potential of mycoproteins and meet the evolving needs of a health‐conscious society, continuous interdisciplinary research, collaboration among stakeholders, and proactive engagement with consumers will be vital.