Sarcomyxa edulis is a characteristic low-temperature, edible mushroom in Northeast China. It has a delicious taste and rich nutritional and medicinal value. The artificial cultivation of S. edulis has been increasing in recent years. However, the number of S. edulis varieties is scarce, and strain degradation is a serious issue, affecting the yield and quality of S. edulis. Therefore, we collected 21 wild strains of S. edulis (Y1–21) in this study, aiming to develop strains of S. edulis. Five strains without antagonistic reaction were eliminated via the antagonism test, and the remaining sixteen strains were identified as S. edulis using internal transcribed spacer (ITS) marker identification. The mycelial growth rate, mildew resistance, fruiting body yield, agronomic traits, and nutrient content of the 16 strains were determined. The results demonstrate that Y12, Y13, Y14, and Y15 exhibited a rapid mycelial growth rate (6.43–6.8 mm·day−1). Their colony density was moderate; their edges were neat; and their colonies were leathery and had obvious pigmentation. Moreover, they exhibited strong mildew resistance and a low Trichoderma contamination rate (<40%). Their fruiting body yield (281.15–342.03 g) and biological efficiency (56.23–68.40%) were high. Their fruiting body shape was good. Their polysaccharide and crude protein contents were higher, while their crude fiber, ash, and crude fat contents were lower. Overall, these four S. edulis strains exhibited high yield, excellent traits, and good quality for commercial production and food production with high nutrient contents. This study provides a foundation for the further cross-breeding and matrix improvement of S. edulis.