Alzheimer’s disease (AD) involves slow, progressive, irreversible neurodegeneration resulting in gradual memory loss and decline in cognitive abilities. This has a profound impact on the well-being of the patients and caregivers. Numerous factors—both modifiable as well as nonmodifiable—lead to this complex disorder. One modifiable cause is lifestyle that includes food and exercise. Dietary habits have a strong correlation with gut health as well as cognitive performance. A healthy gut promotes brain well-being and vice versa. Food components that effect the gut-brain axis can prove beneficial for the prevention and management of AD. One such food is mushrooms. Mushrooms or macro-fungi are called “superfood,” because they contain nutritional components and bioactive mycoconstituents that display a wide range of health benefits. The purpose of this chapter was to explore the importance of incorporating mushrooms in diet for promoting brain health and functions. Mushrooms are reported to boost both brain health and gut functions. Experimental studies with mushroom extracts and constituents strongly corroborate their neuroprotective effects via modulation of diverse mechanisms. There are a number of human studies—epidemiological and interventional, on effect of dietary intake of mushrooms on cognitive health. Many studies support the neuroprotective and cognition enhancing effects of mushrooms in diet of elderly adults. Though systematic human trials with more mushroom species and evaluation of simultaneous impact on brain and gut biomarkers are required to generate irrefutable evidence of their neuroprotective effects, it may be concluded that regular intake of mushrooms in diet can promote cognitive abilities.