Cordyceps militaris, a precious medical mushroom, has attracted wide attention in industrial fields. Currently, the degeneration phenomenon of C. militaris commercial strains is amongst the major challenges for cultivation at the industrial scale. The screening for superior strains with high yield and medicinal value is considered a realistic approach to overcome degeneration problems. In the present study, the mycelial growth, primordia formation, yield performance, and cordycepin content of five strains (DT1, DT2, DT3, DT4, and DT5) under artificial cultivation conditions were investigated. All strains showed mycelial growth on SDAY and liquid medium. The strains were successfully cultivated in brown rice medium and required 18 (strain DT3) to 25 days (strain DT5) to form primordia. Additionally, morphological characteristics of fruiting bodies varied among the strains. Strains DT4 and DT3 exhibited the highest fruiting body length with 74.23 ± 5.13 mm and 72.63 ± 2.62 mm, respectively whereas the highest diameter was recorded for strains DT1 (4.05 ± 0.18 mm) and DT2 (3.63 ± 0.12 mm). Of note, among the investigated strains, strain DT3 exhibited the highest biological efficiency (8.95 ± 0.07%) and cordycepin content (1.68 mg/g). Therefore, strain DT3 could be selected as a potential strain for commercial cultivation.