At present, spent mushroom substrate (SMS) is a waste resource that is producing a pollution problem in China, and which has some use as animal feed or fertilizer, has not been assessed as a feed for deer. The purpose of this study is to expand the feed of male sika deer and reduce the feeding cost by using the waste resource of SMS. The 10% concentrated supplement was replaced with SMS and the feed intake, apparent digestibility, blood index and velvet production of male sika deer were measured. As the results showed, compared to the control group, the substitution of SMS for 10% of the concentrate supplement decreased the concentration of IgA (p < 0.01), replacing 10% concentrated supplement with SMS of Pleurotus ostreatus (SMS-MP) reduced the intake of organic matter (OMI) and improved the digestibility of ether extract (EE), while replacing 10% concentrated supplement with SMS of Flammulina velutipes (SMS-MF) had no effect on apparent nutrient digestibility, feed intake, velvet antler production, and biochemical indexes. In conclusion, SMS had no effect on serum biochemical indexes and the ratio of the feed weight of the deer supplement to the weight of velvet antler (p > 0.05). At the same time, SMS could reduce the feed consumption and improve the economy by using SMS as a waste resource.