In transitioning toward a sustainable economy, mycelial materials are recognized for their adaptability, biocompatibility, and eco-friendliness. This paper updates the exploration of mycelial materials, defining their scope and emphasizing the need for precise terminology. It discusses the importance of mycelial type and characteristics, reviews existing and future research directions, and highlights the need for improved understanding, clarity, and standardization in this emerging field, aiming to foster and guide future research and development in sustainable material science.