China has been the largest producer of edible fungi in the world, and produced more than 100 million tons spent mushroom substrates (SMS) every year. These SMS contains a large number of substances such as crude fiber and polysaccharide, but most of them are directly discarded and burned, which causes serious natural environmental pollution and waste of resources, and also does not comply with the policy of Chinese environmental protection in new period. So how to transform waste into treasure, utilizing the SMS scientifically, environmentally, economically and reasonably has become an important link in the healthy development of edible fungi industry. In this study, the main problems in the utilization of SMS are discussed by expounding the way and actuality of comprehensive utilization of SMS. At last, the future direction and development trend of utilization of SMS are prospected, which provides reference and theoretical basis for efficient utilization of SMS.