World environmental pollution intensified due to the rapid increase in population, urbanization, and industrialization development. Contamination of the soil and water affects both human health and the ecology. Thus, it is necessary to develop environmental cleanup technologies to diminish the environmental pollution stresses. In ancient times, conventional remediation methods have been used to address these environmental contaminants, but they have proved ineffectual. Mycoremediation, a type of bioremediation process that relies on macro and micro fungi or their constituents to remediate environmental pollutants, is an efficient, economical, safe and effective technique for detoxifying organic, inorganic, and novel toxins including metals, agricultural wastes, antibiotics and pharmaceuticals from the environment. This book chapter emphasizes the scope, process, potential and numerous mycoremediation techniques for biosorption, biotransformation, precipitation and sequestration of environmental pollution. In addition, mycoremediation’s ability to detoxify metals, organic pollutants that persist, and as well as other pollutants was reiterated. For instance, Macrofungi (mushrooms) produce various extracellular enzymes to degrade or detoxify the PAHs (Polycyclic Aromatic Hydrocarbon), pesticides, azo dyes, PCBs (Polychlorinated Biphenyls) etc. into basic compounds. The fungi such as Aspergillus niger, Agaricusbisporous, Tricholoma sp., Pleurotusdryinus, Phellinus badius etc. degrade and extract the pollutants, azo dyes and heavy metals such as Cd, Pb, Cr, Hg, Zn, Cu and Fe from the polluted soil and water. Hence, a potential outline for mycoremediation has been proposed to endorse this innovative clean-up technique for alleviating the world’s sustainable environmental issues.