Matsutake mushroom, a highly prized wild edible mushroom along the Belt and Road, has been consumed in Asia for thousands of years. Traditionally, Japan was the primary consumer, and China was the largest producer and exporter of this mushroom worldwide. However, this consumption trend is shifting. Here, we discussed the domestic consumption of matsutake mushroom in China and the associated new trading trends. We found China shifted from matsutake exporter to an important consumer, with approximately 60–70% of Chinese-produced matsutake mushroom now being consumed domestically. This shift has brought new trends for the matsutake mushroom trade. Matsutake mushroom sales channels have expanded from physical markets to e-commerce and live-streaming sales; the product forms have diversified from fresh and frozen matsutake to dried and freeze-dried matsutake and a series of matsutake-added products. Government and other key stakeholders, including intermediaries, sellers, and logistics companies, have played a crucial role in promoting these new trends. Moreover, we also highlighted the efforts of the government in facilitating the development of these new trends in China. These efforts include establishing industry standards, supporting trading center construction, improving infrastructure, and enhancing brand recognition. Despite that, a sustainable collection of matsutake resources will be key to maintaining these emerging new trends in China.