Nutraceuticals and food supplements derived from fungi have attracted a lot of interest nowadays due to their copious uses and possible benefits for health. This chapter summarizes techniques for producing and extracting valuable compounds from fungi and highlights their role in improving human health. Filamentous molds and mushrooms have a rich history in traditional medicine and cuisine. In modern times, advancements in mycology and biotechnology have opened the pathway for their bioactive compounds to be explored for the promotion of health-related purposes. Techniques for cultivating, fermenting, and extracting these compounds have evolved to ensure their safety, efficacy, and sustainability. This chapter discusses the diverse applications of fungal food supplements and nutraceuticals, including their potential in immune system modulation, anti-inflammatory effects, antioxidant properties, and cholesterol regulation. Fungi serve as an important source of bioactive substances, demonstrating potential in anticancer, antimicrobial, and antidiabetic applications. Furthermore, the potential of fungal extracts in addressing lifestyle-related disorders, such as obesity and metabolic syndrome, is explored. These applications extend beyond oral consumption to include the incorporation of fungal ingredients in functional foods, dietary supplements, and pharmaceutical formulations.