The world's population is growing, leading to increased concerns about hunger, malnutrition, and declining nutritional value in commonly consumed foods. As a result, there is a growing need for alternative sources of protein, particularly in developing countries where the production of pulses has not kept pace with population growth. Edible mushrooms, recommended by the FAO for their nutritional value, are gaining attention as a viable solution. Mushrooms are rich in proteins, carbohydrates, vitamins, fibers, and essential salts, making them an ideal supplement to cereal-based diets. However, fresh mushrooms have a short shelf life, making their commercialization challenging. To address this issue, various preservation methods, such as canning and drying, along with value addition techniques, are employed. Additionally, surplus mushrooms can be processed into novel value-added products to reduce losses and enhance income for growers. Mushrooms are not only valued for their nutritional content but also for their medicinal and therapeutic properties. They contain bioactive compounds such as polysaccharides, dietary fibers, triterpenoids, and vitamins, which contribute to their antioxidant, antitumor, and antimicrobial properties. Moreover, mushroom cultivation has the potential to alleviate food insecurity and create economic opportunities, particularly in developing countries like Ethiopia. This study evaluates the suitability of waste paper supplemented with cornstalk and wheat bran as substrates for oyster mushroom cultivation in Axum, Ethiopia. The economic importance of mushrooms lies in their rich nutrient profile, including high levels of vitamins, minerals, and protein, making them beneficial for human health. Oyster mushrooms, in particular, are known for their ability to grow in a wide range of temperatures and utilize various organic substrates. Overall, mushrooms offer a cost-effective means of supplementing nutrition and promoting health, making them an important food source with significant economic potential.