Healthy meat products are more in line with the current consumption concepts. The advantages of edible mushrooms in terms of functional polysaccharides, proteins and bioactive compounds make them an ideal choice for improving the nutritional status of meat products. This paper reviews recent advances in the application of edible mushrooms as animal fat, protein and salt (chloride sodium, phosphate and nitrite) substitutes, flavor additives and natural antioxidants in meat products, and presents an outlook on the future directions in this field. It is expected that this review will support the development of new meat products such as healthy and “clean label” products.