Mushrooms are vital source of nutritious and functional food and income for humankind. They are widely reported as reservoir of highly varied biologically active compounds, which have been shown a variety of pharmacological properties particularly antioxidants, antimicrobial, anticancer, anti-inflammatory, anti-diabetic, and among others. Hence, increasing attention has been paid to the diversity, ethnomycology, cultivation, and application of wild useful mushrooms worldwide. In this context, this review aimed to establish the checklist of naturally occurring mushrooms in the Philippines based on the available reports from 2001 to 2021. A total of 2371 identified mushrooms from 64 available reports were taxonomically classified into 447 species, 193 genera and 72 families. The largest family was represented by Polyporaceae (72 species), followed by Agaricaceae (33), Hymenochaetaceae (18), Ganodermataceae (16), Psathyrellaceae (16), Marasmiaceae (15), Rusullaceae (15), Mycenaceae (14), Meruliaceae (13), and Tricholomataceae (12). However, the most reported species of Philippine wild mushrooms were Schizophyllum commune, Ganoderma lucidum, Ganoderma applanatum, Auricularia polytricha, and Microporus xanthopus. To the best of our knowledge, this is the most comprehensive checklist of wild mushroom species in the Philippines available to date, and approximately 75% of the species are considered newly reported species for the country. This review also highlights the ethnomycologically important, successfully cultivated, and pharmacologically significant wild mushroom species, describes the current status and challenges of Philippine mushroom research, and provides future opportunities. We hope that this review can provide comprehensive reference that will ignite high interest among Filipino researchers to achieve the maximum value and profitability of Philippine wild useful mushrooms.