Perhaps the most important challenge currently facing agrifood is how to ensure a more sustainable food system by changing the way we eat. Fermentation of fungi to produce mycoprotein can address this imperative by utilizing an age-old technology and a largely untapped natural resource. In this review, we look at the origins of mycoprotein, fermentation at scale, and downstream applications of mycoprotein as food. We review the advances in our understanding of the underpinning science from fermentation through to food development and the evidence base of research that provides insights into the impacts of diets rich in mycoprotein on both the health of our bodies and the environment. We show that mycoprotein has a valuable and future-facing role as a healthy new protein with a low environmental impact.