Phytase is an enzyme that breaks down phytates to release phosphorus in an available form. This enzyme plays an important role in animals, especially monogastric animals. It serves to improve phytate digestion along with phosphorus absorption, which are required for optimal growth performance and health. In this study, five mushroom species (Amauroderma rugosum SDBR-CMU-A83, Ganoderma mastoporum SDBR-CMU-NK0244, Marusmius sp.1 SDBR-CMU-NK0215, Pholiota adiposa SDBR-CMU-R32 and Piptoporellus triqueter SDBR-CMU-P234) out of 27 mushroom species displayed positive phytase production by agar plate assay. Consequently, these five mushroom species were selected for determination of their potential ability to produce phytase under solid-state fermentation using five agricultural residues (coffee parchment, oil palm empty fruit bunches, rice bran, sawdust, and water hyacinth) as substrates. The highest yield of phytase production (17.02 ± 0.92 units/gram dry substrate) was obtained after one week of fermentation. Optimization for phytase production was determined by statistical approaches using a Plackett–Burman design to screen ten parameters of relevant substrate components. Two significant parameters, the amount of water hyacinth and the moisture content, were found to affect the production process of phytase. Furthermore, the optimal temperature, pH value, and fermentation period were evaluated. The results indicated that the highest degree of phytase production at 53.66 ± 1.68 units/gram dry substrate (3.15-fold increase) was obtained in water hyacinth containing 85% moisture content by addition with a suitable basal liquid medium at a pH value of 6.5 after being incubated at 30 °C for seven days. The crude phytase of P. adiposa was precipitated and the precipitated extract was then used to determine partial characterizations. The precipitated extract displayed high activities after exposure to conditions of 42 °C and pH 5.0. Furthermore, Fe2+ enhanced phytase activity and precipitated extract displayed the best stability at a pH value of 8.0 and a temperature of 4 °C.