Mushroom cultivation has been growing as a promising field to generate additional income in the public and private sectors. Several government schemes are helping farmers with cultivation and good financial outcomes from mushroom farming. Cordyceps mushrooms are known for their high medicinal value and cost. The optimized methods for the production of mushrooms with high contents of desirable compounds such as cordycepin, cordycepic acid, and adenosine have been discovered but are less known. The current protocol summarizes the basic procedure of the production strategy with cheaper raw materials and high production efficiency in a simplified manner. The protocol aims to provide a simple approach to the cultivation of Cordyceps militaris, suggesting a cost-effective and sustainable methodology including liquid- and solid-state cultures. Optimization methods of fruit body formation for better yield using grain-based cheaper substrate and controlled culture conditions such as temperature, humidity, light exposure, and so on, are explained in the protocol. The Cordyceps growers must ensure to check the quality of the mushroom product. The cultures with higher cordycepin and adenosine are considered the best for commercial usage in the medicinal sector. Thus, the quality test for it might ensure good financial gain. The protocol is useful in addressing the economic aspects of large-scale cultivation, with significant cost benefits and market opportunities.