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Mushrooms have been valued as a traditional source of natural bioactive compounds for centuries and have recently been exploited for potential components in the cosmetics industry. Numerous mushrooms and their ingredients have been known to be beneficial to the skin and hair. The representative ingredients are as follows: phenolics, polyphenolics, terpenoids, selenium, polysaccharides, vitamins, and volatile organic compounds. These compounds show excellent antioxidant, anti-aging, anti-wrinkle, skin whitening, and moisturizing effects, which make them ideal candidates for cosmetics products. This review provides some perspectives of mushrooms (and/or extracts) and their ingredients presently used, or patented to be used, in both cosmeceuticals for topical administration and nutricosmetics for oral administration. With the small percentage of mushrooms presently identified and utilized, more mushroom species will be discovered, verified, and cultivated in the future, boosting the development of relevant industry. Combining with progress in genomics, proteomics, metabolomics, and systems pharmacology, mushrooms can find their way into cosmetics with multiple approaches.