Abstract: In this study, oyster mushroom, king oyster mushroom, and white button mushroom were selected to systematically evaluate their potential as novel protein ingredients in high-moisture extruded plant-based meat. The effects of hot-air drying and freeze-drying on the processing characteristics of the three mushroom powders were compared to screen suitable mushroom species and drying methods for high-moisture extrusion applications. The nutritional composition and functional properties of different mushroom powders were analyzed. Based on these results, preliminary high-moisture extrusion trials were conducted using the selected mushroom material with favorable rheological and textural characteristics, and the texture of the extrudates was assessed using indicators such as the texturization degree. The results showed that king oyster mushroom, with a protein content of approximately 20%, exhibited better potential as a protein ingredient compared to oyster mushroom and white button mushroom. King oyster mushroom powder performed better in terms of functional properties such as emulsification and gelation, and formed a lighter-colored gel with higher gel strength after heating. Both hot-air-dried and freeze-dried king oyster mushroom powders outperformed oyster mushroom and white button mushroom powders in emulsifying and gelling properties, showing good gel strength and lighter color after heating. Comparison of different drying methods revealed that freeze-dried king oyster mushroom powder had higher viscosity and formed a more stable gel network. High-moisture extrusion experiments indicated that the highest texturization degree of 1.79 was achieved under the conditions of 50% moisture content and 40% addition of hot-air-dried king oyster mushroom powder. In conclusion, among the three mushrooms studied, king oyster mushroom demonstrated superior potential for high-moisture extrusion, with its hot-air-dried powder being more suitable as an ingredient for high-moisture extruded plant-based meat. This study provides a theoretical basis for the utilization of edible mushroom resources in plant-based meat products.