Myco degradation is an effective technique for breaking down waste plant substances made of lignin, cellulose, and hemicellulose, which are collectively known as lignocellulose. This abundant organic material is found throughout the world. Due to its recalcitrant nature, lignocellulose poses a challenge for efficient conversion into biofuels, biochemicals, and other valuable products. Myco degradation, which involves the use of fungi to degrade lignocellulosic materials, offers a sustainable and cost‐efficient resolution to this challenge. This review provides an overview of the mechanisms and applications of myco degradation for lignocellulosic biomass degradation. The review discusses the various types of fungi involved in lignocellulose degradation, their enzymatic systems, and the factors that influences their performance. Furthermore, the potential applications of myco degradation products, such as biofuels, enzymes, and bioplastics, are reviewed. It also highlights the implications of myco degradation for waste management and sustainable development. Overall, myco degradation represents a promising technology for the efficient deprivation of lignocellulosic waste biomass, and further research in this field holds great potential for the sustainable creation of bio‐based products.This article is protected by copyright. All rights reserved.