The present study was carried out in various regions of Jammu and Kashmir, India, for the diversity and pharmacology of wild mushrooms. The valley is bestowed with alpine meadows and dense coniferous forest. Because of its isolation, security concerns, and line of control, most of these locations either have been little investigated or are entirely undiscovered. During the intensive survey of various locations, 20 mushroom species were collected from the surveyed areas. The ethno-mycological information was gathered from tribal communities and local herbalists (hakims). It was observed that 16 species were used against cold, constipation, liver and skin disorders, digestion problems, wound healing, and the like. However, these medicinal mushrooms are losing their relevance, so there is an urgent need to explore and preserve this knowledge for future use as medicine.