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<i>Pleurotus</i> species are commercially essential mushrooms and widely cultivated throughout the world. The production of <i>Pleurotus</i> mushrooms alone accounts for around 25% of that total cultivated mushrooms globally. In America and Europe, <i>Pleurotus</i> species are considered specialty mushrooms, whereas, in Korea, their cultivation is economically profitable, and it is one of the highly consumed species. <i>Pleurotus</i> species are predominantly found in tropical forests and often grow on fallen branches, dead and decaying tree stumps, and wet logs. Biographical studies have shown that the <i>Pleurotus</i> genus is among the more conspicuous fungi that induce wood decay in terrestrial ecosystems worldwide due to its formidable lignin-modifying enzymes, including laccase and versatile peroxidases. <i>Pleurotus</i> species can be grown easily due to their fast colonization nature on diversified agro-substrates and their biological efficiency 100%. <i>Pleurotus</i> mushrooms are rich in proteins, dietary fiber, essential amino acids, carbohydrates, water-soluble vitamins, and minerals. These mushrooms are abundant in functional bioactive molecules, though to influence health. <i>Pleurotus</i> mushrooms are finding unique applications as flavoring, aroma, and excellent preservation quality. Apart from its unique applications, <i>Pleurotus</i> mushrooms have a unique status delicacy with high nutritional and medicinal values. The present review provides an insight into the cultivation of <i>Pleurotus</i> spp. using different agro-waste as growth substances paying attention to their effects on the growth and chemical composition.