Filamentous fungi serve as potential candidates in the production of different value-added products. In the context of food, there are several advantages of using filamentous fungi for food. Among the main advantages is that the fungal biomass used food not only meets basic nutritional requirements but that it is also rich in protein, low in fat, and free of cholesterol. This speaks to the potential of filamentous fungi in the production of food that can substitute animal-derived protein sources such as meat. Moreover, life-cycle analyses and techno-economic analyses reveal that fungal proteins perform better than animal-derived proteins in terms of land use efficiency as well as global warming. The present article provides an overview of the potential of filamentous fungi as a source of food and food supplements. The commercialization potential as well as social, legal and safety issues of fungi-based food products are discussed.