Sustainable and renewable resources such as mushrooms and mushroom composites offer a wide range of application possibilities in different areas. In particular, the combination of mushroom mycelium and textiles shows promising approaches for the filtration of waste water in the textile industry, air purification, use in protective clothing, medical applications such as blood purification or use in packaging and even in building construction. Mycelium, the vegetative network of fungi, is an alternative and renewable material that is easy to cultivate. In addition, many organic wastes from the agricultural industry can be used as nutrients for mycorrhizal cultivation, further increasing sustainability. In addition, fungi have anti-inflammatory, immunomodulatory, antibacterial, antifungal, antitumor, antioxidant, antidiabetic and lipid-lowering properties that can be exploited for specific applications. Despite several studies being conducted in the last few years, the use of mycelium as a textile alternative has not been extensively explored. In the present study, mycelium of the fungus Pleurotus ostreatus was used to produce mushroom–mycelium textile composites, and their mechanical properties were investigated. The aim of this study was to evaluate the potential of mycelium in the textile industry and to identify possible applications. The results of this study should help promote the use of mushroom mycelium in textile production and at the same time develop innovative, environmentally friendly materials that meet the increasing demands for sustainability and resource conservation.