Meat products are ubiquitously consumed for their higher protein content and characteristic organoleptic properties. The enhanced capacities of meat production to meet the demands of the rapidly increasing global population is causing serious issues relating to health, environment, and animal welfare. Suitable meat alternatives that are protein‐rich, sustainable, and healthier are being continuously explored by scientists globally. In this direction, edible medicinal mushrooms can be used as promising healthier meat alternatives as they provide natural meaty texture, flavors and are also rich in proteins, essential amino acids, β‐glucans, vitamins, minerals, polyphenols, and antioxidants. Mushrooms have proven medicinal benefits including anticancer, immunomodulatory, antiviral, antihypertensive, antidiabetic, and anti‐inflammatory properties. The aim of the present review is to highlight the potential of edible mushrooms to produce meat analogs, various meat and nonmeat‐based studies focussing on mushrooms as key meat analog ingredients, impact on the product quality, associated nutraceutical aspects, consumer behavior and market availability of mushroom‐based meat analogs.