In the past few years, much research has been conducted on edible mushrooms, among which Pleurotus ostreatus (PO)—also known as oyster mushrooms—has received attention due to its many health and medicinal benefits. Some research has shown that PO and its active compounds, such as lectins, polysaccharides, primarily β‐glucans, phenols, polyphenols, terpenoids, ergosterols, and glycoproteins, are strong immune system modulators, have anti‐inflammatory properties, and have potentially positive effects on the cardiovascular system and athletic performance. In this narrative review, an extensive search (academic databases from inception to April 25, 2024) was conducted in the scientific literature, and various aspects of PO and its effects on health and athletic performance were investigated. This narrative review article thereby demonstrates the potential benefits of PO for improving the overall baseline health and concomitant athletic sports performance, recovery, and cardiovascular system function. In addition to potential enhancements in antioxidant defense, substrate metabolism, and being a rich source of many essential nutrients, we describe a possible positive relationship between PO intake and improved athletic performance and recovery in athletes after intense exercise by reducing inflammation, modulating the microbiome, neutralizing free radicals, and strengthening the cardiovascular system. However, more research in basic studies and clinical trials is needed to investigate PO’s clinical applications, mechanisms, and effects on athletes.